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Bill Meenaghan, DTCC

Sumitomo Mitsui Trust Bank adopts DTCC ALERT GC Direct to manage settlement process


Sumitomo Mitsui Trust Bank (USA) Limited (SuMi TRUST USA) has become the first Japanese global custodian to go live on the Depository Trust & Clearing Corporation’s (DTCC) ALERT Global Custodian Direct (GC Direct) workflow.

With GC Direct, SuMi TRUST USA can maintain and provide standing settlement instruction (SSI) data to its clients through ALERT, the industry’s largest and most compliant online global database for the maintenance and communication of account information and SSIs.
 
“SuMi TRUST USA is enthusiastic about being the first Japanese global custodian utilising GC Direct,” says Douglas Shivers, Head of Global Custody Administration at SuMi TRUST USA. “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.”
 
Bill Meenaghan (pictured), Executive Director of DTCC ALERT, says: “We are very happy to have SuMi TRUST USA live on ALERT GC Direct. We’ve had much success with other global custodians in the past few years in enabling greater control in the settlement process, increasing data quality and staying aligned with best practices. We look forward to delivering the same benefits to SuMi TRUST USA.”
 

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