Quovo and Apex Clearing Team Up to Develop the Industry's First Seamless Aggregation-based Asset Transfer Solution

LAS VEGAS, Oct. 24, 2017 /PRNewswire/ -- Quovo, a data platform for financial accounts, and Apex Clearing, a leading custodian for digital wealth platforms, today announced at the Money20/20 conference in Las Vegas a partnership to develop an aggregation-driven API solution for more efficient Automated Customer Account Transfer Service (ACATS) transfers. The partnership will integrate new enhancements in Quovo's account aggregation API directly with Apex's ALPS API, giving digital wealth firms a seamless workflow to more quickly and accurately convert users' outside accounts into new assets. 

Despite the importance of ACATS transfers, the process is often delayed 3-5 days by processing errors stemming from incorrect account information that is often manually collected prior to transfer. Many wealth management firms report Not In Good Order (NIGO) rates for transfers between 30 and 70 percent, underscoring the challenges of collecting reliable account, account owner, and holding data during the ACATS process.

The Quovo and Apex partnership will reduce user friction and data errors around the manual collection of information, as well as provide a connected API workflow for transferring held-away investment accounts. The integration will substantially reduce NIGO rates and speed up the process of submitting, monitoring and completing an ACATS transfer -- allowing transfers to be measured in days, not weeks.  

"Many of our clients, ranging from traditional investment advisors to fintech investing platforms, have singled out account transfers as the most challenging part of engaging with clients. The process is error-prone and embarrassingly manual, in an age where technology is reducing friction in so many other investment workflows. A natural next step in our ongoing efforts to create real value out of aggregated account data is to tackle this issue," said Lowell Putnam, CEO and co-founder of Quovo. "Apex Clearing is a pioneer custodian, leading the way in providing services to the robo-advisors that have really changed the course of wealth management. Apex was the clear choice for getting an ACATS-optimized solution in front of the top digital wealth platforms in the market. We look forward to a fruitful partnership."

Bill Capuzzi, CEO of Apex Clearing, said: "We are excited to team up with Quovo and combine our expertise to develop a more efficient, data-driven ACATS process for our clients. We are confident that the integration with Quovo will enable them to deliver a better digital experience and more easily bring new assets under management."

About Quovo
Quovo is a data platform providing insights and connectivity for millions of financial accounts across thousands of institutions. With industry-leading APIs, modular applications, and enterprise solutions, Quovo helps deepen relationships by better connecting institutions and advisors to their clients' financial lives. Today, hundreds of institutions, thousands of advisors, and millions of end-users rely on Quovo's technology for account aggregation, bank authentication, and ongoing insights to build better financial futures. To find out how Quovo can help you, visit www.quovo.com.

About Apex Clearing
Apex Clearing Corporation is an innovator in clearing, custody, execution, and technology. They specialize in supporting a variety of financial institutions including broker-dealers, proprietary trading firms, retail brokerages, and financial technology startups. Their clearing and technology services power the most cutting-edge financial firms in the industry, and our innovative approach to back office solutions enables businesses to grow and succeed. Apex prides itself on thinking differently and tirelessly working towards the further evolution of financial services and what they can do for our clients. Apex Clearing Corporation is registered with the SEC, a member of FINRA, and a participant in SIPC. For more information, visit www.apexclearing.com.

CONTACT: Marisa Monte, [email protected]

SOURCE Quovo

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