iNautix (USA), an affiliate of Pershing, a BNY Mellon company, has developed a paperless imaging solution to streamline annuity processing for Pershing's introducing broker-dealer customers.
The paperless solution, available on Pershing’s Subscribe platform, allows approved client documents, including any required carrier forms, to be sent electronically to the Depository Trust & Clearing Corporation (DTCC) for their transmission to the carriers, instead of mailing or faxing paper documents.
Electronically approved documents are then stored online in a regulatory-compliant format for the required number of years, and provide an online audit trail.
Pershing’s Subscribe platform enables broker-dealers to process, service and maintain annuity contracts and offers an annuity order entry platform, consolidation of annuity contracts within client brokerage accounts and a comprehensive view of all client assets on a single screen.
Subscribe is accessible through Pershing’s technology platform, NetX360, that offers investment professionals and registered investment advisers with a solution to help them manage their commission and fee business on a single, integrated workstation.
Suresh Kumar, CEO of iNautix USA, said: “By replacing obsolete paper systems with an automated process, Pershing’s introducing broker-dealer customers can improve efficiency and benefit from workflow that helps them meet regulatory requirements for reviewing and processing annuity applications.”