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Wednesday June 16, 07:27
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Fidelity Unveils Imaging Technology To Correspondents
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National Financial, the clearing arm of Fidelity Investments, is rolling out an imaging platform to correspondent clearing clients. The platform is being deployed to replace all paper processes, including new accounts, check processing and margin agreements, said Norman Malo, president and ceo. National Financial developed the system over the past 10 years within the clearinghouse relying on in-house technology. National Financial had achieved a 20% to 25% reduction in paper processing. A new, large West Coast-based client has been beta-testing the service over the past several months. The correspondent, which Malo declined to name, will complete its conversion to National Financial on Tuesday. National Financial has over 300 clients and is the custodian for $320 billion in correspondent broker/dealer assets.
In the past, a one-time distribution from an individual retirement account was a four-day process, in which clients submitted a form to a rep and the form was delivered overnight to New York, where the payment was processed, said Malo. Through the use of the imaging platform, the client will submit the form, and the check will be generated and sent out within seconds. Another example of the use of the imaging platform is the ability of a user to review a margin agreement with a client over the phone and approve the agreement instantaneously.
(Operations Management)
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