The Central Depository Company (CDC) recently launched a series of customer centric services in its drive to improve the Pakistani capital market. According to a press release, these services have been initiated by the CDC in line with its role as the 'custodian' of shares and facilitator for the capital market processes.
This was stated by CDC Chief Executive Officer Muhammad Hanif. The three newly introduced state-of-the-art services include: Shares Registrar Services, Fund Management System, and CDC access SMS.
Shares Registrar Services: The CDC termed these services as the most comprehensive R/TA package in the market. CDC's offering is complimented by a country-wide branch network and the state-of-the-art IT infrastructure. A well-equipped call center backed by trained and dedicated customer support staff will facilitate issuers and shareholders on a day-to-day basis. The most important feature that gives CDC a real edge over other R/TA service-providers is its Business Continuity Plan (BCP), supported by backup sites and disaster recovery capabilities to ensure recovery of the service immediately in case of any disaster.
With the introduction of R/TA services, the CDC has raised service standards in the industry. The Arif Habib Limited has already started benefiting from these services. Fund Management System: Realizing its importance as the largest and most preferred provider of Trustee and Custodial Services in the private sector, the Central Depository Company (CDC) launched a comprehensive Fund Management System (FMS).
The FMS is an electronic system that creates an automated interface between all its elements to ensure Straight Through Processing (STP) for the settlement of transactions. It develops an online link between the Trustee and Custodial Department at the Central Depository Company (CDC) and Asset Management Companies and settling banks.
As a value-added facility by the CDC, the FMS will bring efficiency by eliminating manual processes and duplication of work and in minimizing chances of error. Through this system, AMCs will be able to pass online instructions of unit management to the Central Depository Company (CDC) Trustee and Custodial Department. The FMS provides a single link through which mutual funds complete transactions as well as avoid multiple individual connections that are costly and inefficient.
The Central Depository Company (CDC) access SMS: Adding another channel of increased customer convenience, the CDC has recently introduced CDC access-SMS, a brand new facility that will provide up-to-date account information to investors through their cell phones.
The CDC access, a value-added service that enables investor account holders to access their account information through multiple channels initially comprised CDC access - IVR, a round-the-clock Interactive Voice Response System, supported by a dedicated call center, and the Central Depository Company (CDC) access - Web, which allows investor account holders to access their account information through www.cdcaccess.com.pk. While the IVR and Web facilities are being offered completely free of charge, a nominal fee of Rs 25 per month is charged for CDC access - SMS facility.-PR
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