Fintech firm Apex has announced a first-of-its-kind transaction: the successful completion of an account transfer using the latest messaging protocols from the National Securities Clearing Corp.’s Automated Customer Account Transfer Service.
This advance, facilitated by Apex’s innovative API-based account transfer service, marks a significant step in enhancing the exchange of information among broker-dealers, according to the firm.
It said the move is part of a broader effort to transition from NSCC’s legacy messaging systems, which it’s planning to decommission by October 2025.
Apex's service aims to support financial intermediaries and NSCC members during this period by providing features such as real-time testing capabilities, which can significantly reduce the time broker-dealers need to test their processes.
The fintech provider plays a central role as the custodian for over 21 million investors.
As the platform behind hundreds of thousands of account transfers annually, Apex emphasized its commitment to modernizing the account transfer process for its clients and the broader industry, making its institutional-grade account transfer service publicly available to support this initiative.
"At Apex, we are proud to have designed a seamless, API-based solution for our clearing clients and other NSCC members to help them adopt the new ACATS protocol," Lucille Mayer, chief solutions officer at Apex, said in a statement.
Calling the first account transfer on March 15 “an exciting milestone,” Mayer said the landmark transaction “paves a path for other firms towards more efficient, flexible account transfer services that reduce manual processes."
"We are pleased to see the completion of the first account transfer following the updated API protocol,” said Michele Hillery, managing director and general manager of NSCC Equity Clearing.
“We look forward to continuing this momentum and encourage other members to update messaging ahead of the deadline,” she said.
Apex’s Monday announcement is the latest among several significant wins in recent months, including its deal to snap up AdvisorArch and an integration partnership with Advyzon.
Arch claims 40% operating cost savings for Mercer as Nitrogen unlocks its agentic AI and tech suite to 10,000 Osaic advisors
A happy coincidence: one of LPL Financial’s corporate campuses happens to be based in Rep.-elect Wes Climer’s new district.
Wells Fargo and UBS also add advisors from Morgan Stanley, Edward Jones, Merrill and Fidelity in a fresh round of wirehouse recruiting
How we got here – and what to do about it
AI trust gap: Americans want protection, not autonomy, in their finances
Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
