KANSAS CITY, Mo., Dec. 7, 2011 /PRNewswire/ -- DST Systems, Inc., a leading provider of sophisticated information processing solutions and services to the asset management, insurance, retirement, brokerage, and healthcare industries, today announced the availability of the DST InPayce Payout solution from DST Insurance Solutions.
The impending retirement of a large segment of the American population is driving a significant shift from the accumulation of assets to the decumulation of wealth as individual deferred annuities, defined contribution plan accumulations, mutual funds and other assets start to disburse or pay out. DST InPayce Payout was developed to support life, annuity, and mutual fund product providers needing flexible, user-friendly systems to track, distribute, and service the various income streams associated with existing and new guaranteed retirement income products.
"The launch of InPayce Payout represents a perfect opportunity for carriers and financial institutions to examine their approach to product, technology, and operational innovation," said Bonnie Wasgatt, president of DST Insurance Solutions. "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."
Designed to service a range of payout models, 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 InPayce Payout is the first component of the DST InPayce ™ platform being developed to provide SaaS and BPO services in support of insurance policy administration and payout. ABOUT DST INSURANCE SOLUTIONS DST Insurance Solutions was formed to provide policy administration and related services for insurance companies offering fixed and variable annuities. DST Insurance Solutions will offer its services on a SaaS and full service BPO basis through Boston Financial Data Services, a joint venture between DST Systems, Inc. and State Street Corp.
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