Waltham, MA, December 10, 2010 – MetraTech Corp. announced today that The Depository Trust & Clearing Corporation (DTCC) has gone live with MetraTech’s MetraNet product to provide billing and billing-related customer care services across the its global product portfolio. DTCC, which through its subsidiaries settled nearly US$1.48 quadrillion in securities transactions in 2009, provides a range of clearance, settlement and information services in the equities, fixed-income, over-the-counter derivatives, wealth-management and insurance markets in the U.S. and overseas.
MetraNet is delivering a number of critical advantages to DTCC. Its highly flexible architecture enables users to quickly react and adapt to industry change (regardless of vertical), giving DTCC a platform from which it can expand and adjust its service offerings to achieve competitive advantage. In today’s fast-paced financial services industry, having this ability to innovate is a key to success.
Furthermore, with regulatory requirements increasing and the need for control and transparency paramount, MetraNet functionality supporting full auditability across all product ranges ensures timely and concise information is available to every party in the transaction chain–customers, regulators and DTCC itself. DTCC customers in particular benefit from comprehensive online fee analysis as well as being able to configure and manage their account data according to their own preferences and export it to a spreadsheet for further analysis.
“Going live with MetraTech’s billing and customer care product is a significant step for our organization,” said Anthony Savarese, managing director, Finance, for DTCC. “We recognize that an enterprise billing solution will be a key asset as we expand our product line, client base and geographic reach, and will allow us to manage our business in an efficient and cost-effective way. MetraNet will help us achieve those goals.”
According to Steven Murphy, research director, wholesale banking at independent consultancy Tower Group, DTCC is leading a growing and important trend in the industry. Said Murphy, “Tower Group has recently identified that many major corporate banking institutions are starting implementations of enterprise billing. This is because it is increasingly recognized that an enterprise billing system (EBS) can both enhance revenues and plug revenue leakage through end-to-end transaction monitoring.”
Concluded Scott Swartz, chief executive officer, MetraTech Corp., “We are delighted that MetraNet is supporting one of the world’s leading financial services infrastructure providers. Through its unrivalled ability to meet the demands of enterprise billing across multiple industries and regardless of their complexities, MetraNet continues to prove itself to be an asset to those companies on the cutting edge of their markets.”
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC’s depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas. For more information, visit www.dtcc.com.