MLC claims the real deal in STP
MLC has unveiled a new website that it claims will offer advisers more genuine straight through processing (STP) than that offered by other providers, it announced today.
“There have been many grand claims made around straight through processing,” MLC general manager of platforms Anthony Waldron said.
“There will be no manual handling for STP applications; it is fully automated,” he added.
MLC announced that the STP function will be available from June 2 for MLC MasterKey Investment Service, MLC MasterKey Investment Service Fundamentals, MLC MasterKey Super and MLC MasterKey Super Fundamentals.
STP will then follow for MLC’s pension products later this year.
At the same time as making the STO announcement, MLC also announced a new Client Data Exchange platform would be added to its website.
The Client Data Exchange is a two-way data feed between advisers and MLC that will keep the adviser’s planning software up to date with data about their MLC clients.
The exchange will cover such information as personal details, account balances, account transactions and insurance details, MLC said.
“The Client Data Exchange will result in improved data quality by removing manual processes and will also provide advisers with easy access to their clients’ historical data,” Waldron said.
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