Source: Blue Frog Solutions
Pershing LLC, a member of BNY Securities Group and a subsidiary of The Bank of New York Company, Inc., announced that its NetExchange Pro online brokerage platform will include software solutions developed by Blue Frog Solutions, Inc., a leading provider of life and annuity software solutions and business process outsourcing for insurance companies and financial services intermediaries.
Further strengthening Pershing's no-transaction-fee annuity program, Subscribe, the integration of Blue Frog's software into NetExchange Pro will provide introducing broker-dealers and their investment professionals with a more automated solution for meeting the manually-intensive challenges of processing annuity transactions. Among the benefits Blue Frog Solutions' technology provides are streamlined annuity order entry capabilities and automated forms generation.
This integration will also enable Pershing to provide introducing broker-dealers with tools to help them keep pace with regulatory oversight requirements, including improved capabilities for directing orders to the appropriate supervisory branch office for review.
"The delivery of Blue Frog Solutions' technology through NetExchange Pro will provide investment professionals with access to a significantly enhanced platform for processing annuity orders, as well as a solution that enables them to deliver an even higher level of client service," Ron Fiske, managing director, Pershing, said. "We will continue to focus on providing access to leading solutions and integrating technology tools from third-party innovators that help our introducing broker-dealers and their investment professionals succeed in today's fast-changing insurance environment."
In addition to delivering an element of workflow automation, Blue Frog Solutions' technology is recognized by the Association for Cooperative Operations Research and Development (ACORD) as a leading software provider of ACORD-based solutions and is also the largest provider of software tools for communicating product information between insurance companies and other financial services organizations. This provides insurance companies with the ability to test their products and ensure that orders are processed seamlessly through the Subscribe platform. Coupled with plans to roll out the Depository Trust and Clearing Corporation's (DTCC) Insurance Processing Service for application processing, the integration of Blue Frog Solutions' software will enable Pershing to provide its introducing broker-dealer customers with a more comprehensive solution for processing annuity transactions.