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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.”