Boston, MA 09/15/2014 (wallstreetpr) – Ebix Inc (NASDAQ:EBIX) today reported the launch of its Exchange Platform in support of an array of In-Force Transaction abilities provided by Insurance & Retirement Services of The Depository Trust & Clearing Corporation.
Ebix Inc (NASDAQ:EBIX), a leading global supplier of E-commerce solutions and On-Demand software to healthcare, financial and insurance industries, seeks to implement the IFT features to support DTCC through its unit EbixExchange. The division offers a front-end Exchange to assist the processing of post-trade transaction within the DTCC IFT service, an offering of DTCC’s subsidiary, National Securities Clearing Corporation.
The Ebix Inc (NASDAQ:EBIX) Annuity Maintenance Platform, launched last year, provides brokers and agents the capability to service annuity deals with several carriers on the company’s AnnuityNet Exchange. According to an article published by GlobeNewswire it processes more than $50 billion in annuity agreements per year. The service uses safe DTCCIFT messages to network with carriers to make a back of in-force policy information. EbixExchange provides the broker or agent to make withdrawals, transfer funds and rebalance assets. It also allows support for other finance-related transactions across partner carriers through DTCC and others on one system.
New Enhanced Features
EbixExchange, along with DTCC’s IFT, will allow insurance distributors and carriers an opportunity to exploit a wider array of post-trade transactions through an upgrade to DTCC’s online service.
EbixExchange facilitates Loss Reporting compliance, Risk Administration tools, Quoting Engines, Order-entry platforms, CRM solutions, as well as Data Transformation solutions. Apart from these, it also enables other procedure augmentation services and products for the Health, Annuity, Life and P&C Insurance sector.
Ebix Inc (NASDAQ:EBIX) Chief Executive Officer, Robin Raina said EbixExchange feature is a significant driver to improve DTCC IFT service. DTCC I&RS Vice President, Randi Gordon acknowledged Ebix’s contribution and said that the new additional features to the service further automate the processes, enabling faster and more competent service to users.
