A software firm has upgraded a product family that stores XML-based annuity transactions to align with new business "straight through processing" initiatives for annuities.
The upgrade will simplify management of information in the VTXml Product Suite by adding maintenance control, a complete product repository, and real-time publishing capabilities, says VERTEX Inc., New Britain, Conn.
The firm says the new release will increase the industry's adoption rate of annuity STP as well as improve usability for organizations that are using the annuity transaction standards adopted by ACORD Corp., Pearl River, N.Y., and NAVA Inc., Reston, Va.
The suite produces and stores ACORD- and NAVA-compliant XML-based transactions, including the Product Profile for Annuities transaction, and provides the infrastructure to manage the publication of production quality annuity product data, according to the firm.
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