The CUSIP Service Bureau (CSB), the provider of unique issuer and instrument identifiers operated for the American Bankers Association by Standard & Poor’s (S&P), has introduced CUSIP Request, a new web-based system for processing requests for securities identifiers.
Together with its internal IT team, S&P created a web-based prototype that enabled customers to attach documents directly to the CUSIP Request application. It then tested the functionality at both the user end and the CUSIP data collection end to make sure that it worked efficiently for both parties, it says.
Commenting on the launch of the CUSIP Request functionality, Peter McNally, assistant manager – operations, for Standard & Poor’s Securities Classifications, says: “We decided to launch a web-based request service to align us with our goal in making all of the CUSIP Service Bureau’s operational systems web-based by the end of 2008. This was the first step towards that goal.”
The old CUSIP Request functionality did not allow direct document attachments. Once a customer filled out the online application, they were directed to email the supporting documents. This created double the work for the customer and was somewhat time-consuming, according to the vendor. In addition, it forced the CUSIP representative to search for the request in two separate locations (email logs and the online app log).
The improved service allows applicants seeking CUSIP identifiers to apply for CUSIP numbers through the website www.cusip.com and attach supporting documents directly on to the online application. After clicking on the “CUSIP Request” link on the left-hand side of the home page, they are able to provide their contact information, the specific details of the issuance, and attach up to five documents that relate specifically to the offering. Requestors receive a 10 per cent discount per request for using the online CUSIP Request System.
“In addition to receiving a 10 per cent discount for applying online, customers are receiving their CUSIP numbers in a more timely fashion. This will enable them to meet various deadlines, including TRACE reporting requirements, on a consistent basis,” adds McNally.