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Market Leading Solution

Xchange, RegEd’s Enterprise Registration and Licensing solution, developed in collaboration with top industry firms, has been implemented in over 200 financial services firms across the nation. Xchange is unique in its ability to drive unparalleled operational efficiency and optimize all processes across producer / rep on-boarding, registration and licensing activities. Producers and reps self-service licensing and registration transactions via a private-labeled web front-end; data is captured once and then reused and updated automatically through integration with regulatory databases and relevant internal systems. Xchange’s rich and comprehensive capabilities dramatically reduce transaction processing time — often by 50% or more. Xchange improves speed to market, increases producer / rep satisfaction and maximizes the opportunity for revenue generation.

Xchange for Distributors Solution Suite Diagram

Xchange for Distributors is the only solution to fully integrate producer and rep data, business process automation and transactional processing for insurance licensing, carrier appointments and securities registration, in a single system. Xchange’s robust workflow capabilities can be tailored to the firm’s hierarchy to enable precise routing, in a specified sequence, ensuring that required approvals are received from supervisors prior to submission to FINRA, NIPR and state filing offices.

The solution is powered by an extensive compliance rule base that precisely calculates the licensing and CE requirements for single and multi-jurisdiction licensing and renewal transactions. This significantly reduces non-compliance exposure due to miscalculated CE requirements.

Xchange for Distributors drives efficiency throughout the licensing and registration process. Using Xchange, data is entered once and then automatically reused for required licenses, appointments, registrations, renewals and terminations. All filings are completed and submitted with ease and captured data is updated automatically through integration with regulatory and industry databases including NIPR, FINRA and DTCC, as well as relevant internal systems.

The solution’s integration with regulatory and industry databases also triggers critical alerts and notifications upon changes to producer / rep profile information or when profile, licensing or appointment data is not fully in sync with the official filing office record. Built-in validations and an extensive regulatory rule base ensure that submitted transactions are in good order, reducing the instance of filing rejections.

Xchange for Distributors sophisticated business process automation auto-triggers carrier appointment requests with DTCC. The solution also enables straight-through processing of securities and insurance transactions; U4 filings are automatically generated when relevant representative information is updated; license renewals are automatically generated and submitted within 45 days of the renewal deadline. License renewals in good order are processed straight through to NIPR, while renewals that have positive BI questions are placed in a queue for supervisory review prior to submission.

All new registration and exam requests are automatically prepared, reusing representative data, based on the firm’s rules. License renewal and insurance CE reminders are automatically generated and sent to representatives. In addition, Xchange fully automates CE tracking. Completed courses are tracked against the specific requirements they satisfy and outstanding credit reminders are automatically sent via email at regular intervals.

Distinguishing Capabilities

  • Xchange for Distributors provides a single, integrated solution that fully automates the registration, licensing and carrier appointment life-cycle.
  • Automatic notification of upcoming exams, regulatory CE, insurance CE and product training requirements.
  • Robust hierarchy and workflow management and automated validations reduce the need for manual oversight, ensuring transactions are in good order for acceptance by the regulatory filing offices.
  • Business process automation triggers transaction creation for initial U4, amendments and U5 terminations and insurance licensing renewals, based on defined events, eliminating the need for licensing staff intervention.
  • Robust exception handling alerts licensing operations to any credentialing issues including disparities between producer role and licenses held or between licenses held and products being sold.
  • Comprehensive dashboards provide unified views of licensing and registration status and exceptions.
  • Enterprise reporting capabilities generate templated and ad-hoc reports, across the firm’s registered and licensed population, at any level of the firm’s hierarchy.
  • Continuous data synchronization ensures that representative and producer records are reconciled with FINRA and the NIPR.

Key Benefits

  • Efficient transaction processing and management by exception enables dramatic efficiencies and speeds producer and representative time to market.
  • Automated data synchronization of producer / rep data with FINRA and the NIPR ensures accurate data populates transactions, reducing non-compliance risk.
  • Business process automation drives efficiency in transaction preparation, transaction processing and data maintenance, enabling firms to realize a material return on investment.
  • Comprehensive reporting enables the firm to readily produce documentation to satisfy requests from internal stakeholders and regulator examiners, reinforcing “culture of compliance” perceptions.
  • Real-time validations ensure that producers and reps are properly credentialed upon order placement.