The Depository Trust & Clearing Corporation (DTCC) has gone live with a new billing and billing-related customer care system called MetraNet from MetraTech Corp. that will serve DTCC’s global product portfolio.
MetraNet is providing DTCC with a highly flexible architecture that gives DTCC a platform from which it can expand and adjust its service offerings to achieve competitive advantage.
"DTCC, like many companies, needed better technology to provide great service to customers," said Scott Schwartz, CEO of Metratech in an interview. "As a company in financial services, they have many regulatory and compliance requirements and have a need for transparency."
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.
"MetraNet calculates all of the fees," Schwartz adds. "It is important for the customers to be able to slice and dice their bills so they know where there money went."
According to Schwartz, DTCC wanted a system that was easily customized and was able to adapt to pricing changes quickly. "With MetraNet, DTCC can bring new products to market quickly and it allows them to change pricing very quickly," Schwartz said. "Now they can do pricing changes in days, rather than the months it used to take with their previous system."
"Going live with MetraTech's billing and customer care product is a significant step for our organization," said Anthony Savarese, managing director, Finance, in a statement. "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 research and advisory firm 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." Greg MacSweeney is editorial director of InformationWeek Financial Services, whose brands include Wall Street & Technology, Bank Systems & Technology, Advanced Trading, and Insurance & Technology. View Full Bio