Sumitomo Mitsui Trust Bank (SuMi Trust USA), the US subsidiary of Japanese banking giant Sumitomo Mitsui, has gone live with the Depository Trust & Clearing Corporation’s (DTCC’s) Alert Global Custodian Direct (GC Direct) workflow to automate communication of its settlement processes.

The deployment will enable SuMi Trust USA to maintain and deliver standing settlement instruction (SSI) data to its clients using Alert, an online database owned by DTCC for the maintenance and communication of account information and standing settlement instructions (SSIs).

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Alert is part of DTCC’s Institutional Trade Processing product suite that allows investment managers, brokers/dealers and custodian banks to share accurate account and SSI information automatically across the globe.

GC Direct enables custodian banks to electronically manage settlement instructions on behalf of their buy-side clients.

DTCC claims that its platform has helped to reduce SSI related fails across custodian bank users, with some custodians achieving reductions in fails by more than 50%.

SuMi Trust USA head of global custody administration Douglas Shivers said: “SuMi TRUST USA is enthusiastic about being the first Japanese global custodian utilising GC Direct.

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“We pride ourselves on client focus and strive for ways to help our clients improve their operational efficiency while reducing risk.

“By introducing GC Direct, SuMi TRUST USA is pleased to enhance both the information-provision and services that contribute to our clients’ investment activities and operations.”

Currently, Alert GC Direct has seven global custodians live on the service, covering more than 700,000 settlement instructions.