|By PR Newswire||
|August 20, 2013 07:22 AM EDT||
LOS ANGELES, Aug. 20, 2013 /PRNewswire-iReach/ -- Docupace Technologies, LLC, an industry leader in providing SEC/FINRA-compliant electronic straight through processing solutions (STP) for financial services firms, announced that they are experiencing record growth in adoption of electronic forms and electronic signature. In 2013, over 20,000 new users are, or will be, using Docupace's patent pending ePACS STP solution, including Quik! Forms to automate new accounts, with mutual fund, insurance and clearing firms.
Docupace is on a steady growth trajectory, with 2013 seeing a continuation of the success they experienced in 2012, with increased profitability, no debt and a record increase in business and the number of customers gaining 100 percent adoption across their user base. Docupace now has over 100,000 users and projects adding another 10,000 to 20,000 users to their STP platform by the beginning of 2014.
"We're thrilled to bring the vision and promise of straight-through-processing to life," said CEO Michael Pinsker, who founded Docupace in 2002. "Our constant focus and development of this vision benefits everyone, especially the large financial services companies who have adopted STP. We're the first and only company to provide a complete system, including FINRA/SEC compliant books and records, best-practice business rules management, secure data integrations, automated forms, e-signature, electronic processing, e-checks and direct transactions with carriers. We've worked hard to help the industry change and achieve the ultimate goal of real-time processing."
SECURE, COMPLIANT ELECTRONIC PROCESSING
Docupace's ePACs solution, with electronic signatures and electronic forms, is an enabling technology that allows true STP to occur – a first for the financial services industry. By creating deep integration with the Quik! library of forms, and incorporating best-practice business rules, Docupace has effectively removed all the barriers to STP, and has done it in a way that meets all compliance requirements. It offers a comprehensive platform for integrating all technologies required to accomplish straight through processing, comprehensive electronic document management, rep on-boarding, electronic signatures, ad review, and recruiting and transition services. Ensuring increased productivity through automated workflows, "once-and-done" data entry, automatic form-filling and a significant reduction in "Not-In-Good-Order" (NIGO) delays, Docupace enables both enterprise broker/dealer and insurance company clients, and RIAs, to decrease costs and to model, measure and manage their businesses by the numbers.
MEMBER OF DTCC
Docupace was recently approved for membership in the Depository Trust and Clearing Corporation (DTCC), a non-profit organization that serves to automate, centralize, standardize and streamline processes critical to the safety and soundness of the capital markets. DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. As a DTCC member, Docupace has access to over 60 insurance carriers and can enable their agents to perform transactions in real-time with electronic forms, digital signatures, and straight-through-processing including the funding of accounts.
"In more than 12 years of providing enterprise forms automation, I have never seen so many customers adopt a single new processing platform so quickly," said Richard Walker, CEO of Efficient Technology Inc., maker of Quik!. "It's gratifying to see our partnership with Docupace enable the industry to take such huge steps forward. I see this as the start of a massive sea change to optimize the potential of STP. Those companies implementing the solution now are creating competitive advantages for themselves and their advisors. It won't be long before straight-through-processing is the status quo."
About Docupace Technologies, LLC
Docupace Technologies, LLC, is a privately-held company based in Los Angeles. Established in 2002 and quickly gaining market share, the company is an industry leader in delivering SEC/FINRA compliant paperless processing systems to financial services firms. With their core offering, ePACS®, Docupace allows broker/dealers to connect systems, documents and data seamlessly for cost savings, efficiency and overall better business. Over 300 clients, including some of the largest broker/dealers in the marketplace, are using Docupace and the ePACS solution to streamline their business workflow, store hundreds of millions of documents and make efficient straight-through processing a reality. A military-grade storage facility and state-of-the-art systems provide a safe and secure location which houses and serves up the client's most sensitive data, with virtually no lag time, on demand, 24/7. For more information, visit www.docupace.com.
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SOURCE Docupace Technologies, LLC