Taiwan Depository & Clearing Corporation

To enhance the efficiency of fund collection and payment on the Onshore Fund Centralized Clearing Platform, the Taiwan Depository & Clearing Corporation (TDCC) officially launched the “Multi-Account Payment and Settlement Mechanism” on December 22, 2025. This upgrade transitions the previous model—where fund payments were handled through a single bank—to a " Multi-Account Payment and Settlement " model, allowing investment trust companies and distributors to choose from accounts at nine participating banks, thereby comprehensively improving operational efficiency and the timeliness of foreign currency crediting.

Since the launch of the Onshore Fund Centralized Clearing Platform in June 2023, TDCC has successfully streamlined the previously complex many-to-many remittance processes between investment trust companies and distributors. To date, 18 investment trust companies and 15 distributors have joined the platform. In 2025, the platform is expected to process 700,000 transactions totaling NT$320 billion, effectively achieving the goals of improving market efficiency and reducing operational costs.

With the implementation of the Multi-Account Payment and Settlement Mechanism, market participants can enjoy greater flexibility in payment and settlement operations and faster foreign currency crediting. In addition, by enabling transfers within the same bank, companies can reduce the need for cross-bank reconciliation and follow-up communications, thereby significantly saving manpower and time costs and further improving the overall settlement efficiency of fund subscription and redemption transactions.

TDCC President Daniel Chen stated that the multi-account settlement model was designed with reference to both international and domestic market practices. This includes the settlement systems of Europe’s Clearstream, which provides accounts at two settlement banks for major currencies (such as USD, JPY, and AUD) to facilitate easier settlement for participants. It also draws on the Taipei Exchange’s practice of providing two settlement banks for its Electronic Bond Trading System. These experiences demonstrate that a multi-account model not only enhances settlement convenience but also effectively reduces operational costs for market participants by significantly increasing the volume of self-transfer transactions.

In response to the competent authority’s policy objective of encouraging investment trust companies to join the Centralized Clearing Platform as soon as possible, TDCC continues to provide efficient and user-friendly operational services. To further incentivize participation, TDCC is also offering fee discounts and incentives to Centralized Clearing Platform participants that adopt the multi-account payment and settlement service, with the aim of fully realizing the platform’s economies of scale and promoting the sustainable development of Taiwan’s onshore fund market.