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January 03, 2014

SIGNiX and Docupace Join Forces to Automate Account Processing For Brokers

By Mandira Srivastava, TMCnet Contributor

Today's capital market and security industry are rapidly changing. With the rise of trading volume in stock markets, brokers are looking for solutions that can compress settlement time from 3-day to same-day settlement using straight-through processing (STP) technology.

Docupace Technologies, a provider of SEC (News - Alert)/FINRA-compliant paperless processing systems for financial services firms,  and SIGNiX, a cloud-based digital signature vendor,  have come together to provide independent broker-dealer Legend Equities Corporation with a comprehensive straight-through processing (STP) and digital signature solution for its 400 registered representatives.

Tom Embrogno, executive vice president of Docupace said in a statement, “Through a close working relationship among SIGNiX, Docupace and Legend, we succeeded in overcoming the industry’s long-standing challenge of straight-through processing; Legend’s executives are forward thinkers with the ability to flawlessly execute.”

The STP system is a set of business processes and technologies that is used to create an infrastructure for automated real-time transaction processing. It is designed to enhance advisors’ productivity by offering a comprehensive forms library with Legend, mutual fund and insurance company forms, all of which can be auto-populated with multiple eSignatures.

Miralda Gingrich, president of The Legend Group/ADSERV said in a statement, "Our partnership with Docupace and SIGNiX has enabled us to implement a leading-edge solution to save our advisors time, space and money. This is a huge competitive advantage for our business."

The system integration was first completed in October 2012 and quickly resulted in 200 out of 400 advisors using the STP solution within 6 months. Currently, it has approximately 300 users on board and is focused on achieving 100-percent adoption in the near future.

Regina Rudnick, senior vice president at Legend said, “Not only does it act as a virtual assistant, but our advisors will get paid quicker. It will help them expedite processing time, eliminate errors and streamline their businesses.”

Edited by Blaise McNamee

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