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Press release from PR Newswire

New Payout Solution Available From DST Insurance Solutions

Wednesday, December 07, 2011

New Payout Solution Available From DST Insurance Solutions10:20 EST Wednesday, December 07, 2011DST InPayce Payout? addresses growing need to service income streams associated with asset decumulationKANSAS 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 SOLUTIONSDST 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. ABOUT DST SYSTEMS, INC. DST Systems, Inc. provides sophisticated information processing solutions and services to support the global asset management, insurance, retirement, brokerage, and healthcare industries. In addition to technology products and services, DST also provides integrated print and electronic statement and billing solutions through DST Output. DST's world-class data centers provide technology infrastructure support for asset management, insurance and healthcare companies around the globe. Headquartered in Kansas City, MO., DST is a publicly traded company on the New York Stock Exchange.The information and comments in this press release may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors, risks, uncertainties or contingencies that could affect future actions or results, including but not limited to those set forth in DST's periodic reports (Forms 10-K or 10-Q) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this press release to reflect future events. Brand, service or product names or marks in this press release are trademarks or service marks, registered or otherwise, of DST Systems, Inc., DST subsidiaries or affiliates, or third parties. SOURCE DST Systems, Inc.For further information: Larry Stephenson of DST Systems, Inc., +1-816-843-9087, lastephenson@dstsystems.com