DST Insurance Solutions has introduced a new InPayce Payout solution to service a range of payout models.
The solution was developed to support life, annuity, and mutual fund product providers needing user-friendly systems to track, distribute, and service the various income streams associated with existing and new guaranteed retirement income products.
DST InPayce Payout has the ability to manage repetitive income streams, handle premiums, calculate and pay commissions, reconcile accounts and money movements, comply with OFAC/CIP, support tax reporting needs, and more.
DST Insurance Solutions president Bonnie Wasgatt said that the launch of InPayce Payout represents a perfect opportunity for carriers and financial institutions to examine their approach to product, technology, and operational innovation.
"Insurance servicing platforms will need to support features that manage repetitive income streams such as, multiple payee splits and levelization of payout income streams enabled through web-based transactions," added Wasgatt.