DCV modernizes the BRAA custody service
DCV PRESENTS THE RENOVATED CUSTODY SERVICE OF THE SOCIAL SECURITY SYSTEM CONTRIBUTION CERTIFICATES OF PENSION FUND ACTIVE MEMBERS (BRAA).
The Depósito Central de Valores (DCV), in its continuous contribution to transform the financial market, after a long period of work in conjunction with pension fund administrators (AFP), the Social Security Institute (IPS) and the Superintendence of Pensions (SP), finally concluded the process regarding Contribution Certificates of Pension Fund Active Members (BRAA) and the automation of the procedures associated with these securities.
The BRAA, as its name implies, is an instrument through which the Chilean State recognizes workers contributions paid by them in the pension system prior to the AFP, to be paid at their time of retirement.
The current service considers the AFPs for custody and administration; the IPS to carry out BRAA procedures associated with AFP requests, and the insurance companies for the BRAA assignment procedure.
“We are covering a universe of nearly 335,000 BRAA that will no longer be withdrawn from DCV, avoiding risks of loss or deterioration and, in addition, we are automating processes related to these securities. This is another DCV contribution to market development, by promoting infrastructure and services according to these current times”, explained Fernando Yáñez, DCV’s General Manager.