LOS ANGELES--(BUSINESS WIRE)--Docupace Technologies, LLC, a leading financial services technology provider, announced today the nationwide launch of its new, proprietary ePACS© AI Solution software. The ePACS© AI Solution streamlines the entire alternative investment process while addressing compliance standards, allowing advisors to simply and efficiently meet the increasing demand for alternatives investments.
The ePACS© AI Solution will:
- Automatically generate a tailored list of clients within an advisor’s book of business who are eligible for the public, non-traded alternative investment vehicles available on his or her broker dealer’s platform
- Ensure that investment recommendations comply with product eligibility and concentration regulations
- Reduce paperwork redundancies by incorporating electronic signature functionality
- Simplify the investment process to ensure transactions are processed in a documentable, efficient and in good order SEC 17a3 and 4 compliant manner
With this software, investor proceeds are received by issuers for investment more quickly, distributions can be earned sooner, commissions can be paid to selling group members in a more timely fashion, and broker dealers are provided a solution to maintain a consistent approach to managing state suitability guidelines.
The launch of ePACS© AI Solution demonstrates Docupace Technology’s electronic signature functionality to regulatory bodies across the nation. Presently, 47 jurisdictions across the country have approved the ePACS© AI Solution electronic signature protocol, making it the first such program to include this key functionality for alternative investments in the marketplace.
“For several years, state regulators have focused individual and coordinated actions to address systematic failure on the part of broker dealers to consistently and accurately apply intricate state suitability standards,” said Louisa Quarto, President of Realty Capital Securities, LLC. “In just the past few months, millions of dollars in fines, settlements and restitution have been paid out for failure to adhere to these protocols. Many of these violations happen accidentally as the complex rules surrounding product eligibility and concentration change frequently, leaving even the best-intentioned advisors and broker dealers vulnerable. The ePACS© AI Solution directly answers this industry challenge – ensuring a higher standard of protection and safety at all levels of business, and empowering financial services professionals with a solution to address the increasing demand among retail investors for yield-oriented solutions.”
"The ePACS© AI Solution sets a new standard for the financial services industry,” said Docupace CEO and Founder Michael Pinsker. “Until now, no single solution was available to facilitate the extensive federal and state regulatory requirements related to these types of investments. The ePACS© AI Solution’s ability to bring transparency to such transactions mitigates many of the potential rules-based compliance issues associated with public, non-traded alternative investments. We believe that with the ePACS© AI Solution, the customer wins, the advisor wins, the regulators win—the industry wins.”
“The complexities surrounding an investment in public, non-traded alternative investments can lead to lawsuits, high fines or even loss of business. By processing these types of transactions through a secure, paperless, digital platform, these complexities are almost naturally mitigated,” added Tom Embrogno, Chief Growth Officer for Docupace. “Our secure, cloud-based approach will not limit the ability of customers to opt-out of the paperless process, nor will it inhibit their ability to continue with paper transactions.”
Mr. Pinsker concluded, “We consider this to be an incredible milestone for the industry, and one that we expect will affect millions of investors. We have developed a solution that achieves rules-based compliance on a number of levels and eliminates many common points of processing failure. The ePACS© AI Solution will give investors, advisors and their broker dealers the peace of mind that their investment transactions are secure and handled in compliance with rules-based limits, whether they live in Colorado or New York. This dramatic industry innovation was made possible due to Docupace’s many years of related experience and the ability to scale our proven ePACS© Productivity Suite to different regulatory standards. The invaluable collaborative development and testing efforts from the teams at Realty Capital Securities and SC Advisory Services have helped us to bring a meaningful solution designed specifically for this industry.”
About Docupace Technologies
Based in Los Angeles and a subsidiary of RCS Capital Corporation (NYSE: RCAP), Docupace is a premier provider of secure and federal and state law compliant electronic processing platforms for financial institutions and the wealth management industry. The company pioneered and implemented SEC/FINRA compliant Straight-Through-Processing (STP) technology for the financial services industry. The company’s document management and workflow solutions simplify the process of capturing, organizing, routing and accessing information. Docupace was first-to-market with patent-pending technologies that serve the largest financial service providers and their advisors who, driven by increased levels competition, privacy issues, document protection and government regulation, are adopting the company’s document management and workflow solutions in order to sustain profitability and audit-risk assurance. For more information, visit docupace.com.
About RCS Capital
RCS Capital Corporation (NYSE: RCAP) is a full-service investment firm expressly focused on the individual retail investor. With operating subsidiaries including retail advice services, investment banking, capital markets, investment research, investment management and crowdfunding and, until the completion of a recently announced pending sale, wholesale distribution, RCS Capital’s business is designed to capitalize, support, grow and maximize value for the investment programs it distributes and the independent advisors and clients it serves. Additional information about RCS Capital can be found on its website at www.rcscapital.com. RCS Capital may disseminate information about itself, including the results of its operations and financial information, via social media platforms such as Facebook, LinkedIn and Twitter.
Important Notice
The statements in this press release include statements regarding the intent, belief or current expectations of Docupace, RCS Capital and members of their respective management teams, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should,” “look forward” or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements due to certain factors, including Docupace’s ability to execute on its business plan, services its customers and support its technology platforms. Additional factors that may affect future results are contained in RCS Capital’s filings with the SEC, which are available at the SEC’s website at www.sec.gov. Further, forward-looking statements speak only as of the date they are made, and neither Docupace nor RCS Capital undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
