NexJ helps global financial services firms
meet their regulatory and fiduciary requirements
TORONTO, Jan. 16, 2017 /PRNewswire/ - NexJ Systems
Inc. (TSX: NXJ), a provider of enterprise customer management
solutions to the financial services and insurance industries,
announced today that the US Wealth Management division of a leading
Canadian Bank has selected NexJ Customer Process Management (CPM)
to meet new compliance requirements mandated by the US Department
of Labor.
The firm selected NexJ CPM for its ability to streamline the
documentation of advice and recommendations, a key requirement for
an evidence-based approach to meeting the Fiduciary Rule. NexJ CPM
quickly guides front-office users through data entry, simplifying
and streamlining the process by asking the right questions at the
right time. NexJ CPM saves advisors time by automatically
pre-filling information about the client from integrated sources
and synchronizing updates across all systems. Full audit and
traceability makes it easy for compliance teams to provide
necessary information to regulators when required.
The solution will be rolled out to the firm's 3,800 front-office
users to help meet the requirements before enforcement comes into
effect in April, 2017.
NexJ's Strategic Solution for Regulatory
Compliance
NexJ has been working with firms to deploy
innovative and strategic solutions to address complex compliance
regulations across the globe. Firms leverage NexJ's award-winning
enterprise customer management solutions to establish a
comprehensive risk and regulatory-focused view of customers,
enabling financial advisors to better deliver a fiduciary standard
of advice.
For example, the private banking division of a major Swiss bank,
is using NexJ CPM to demonstrate compliance with KYC and AML
requirements in the United
Kingdom. "It's our unique combination of technology and
expertise in the industry that makes it possible for us to deliver
solutions that help firms meet their fiduciary obligations in an
ever-changing regulatory environment," says Bryan Sachdeva, Senior Director of Wealth
Management Solutions at NexJ Systems.
The DoL Fiduciary Rule
The DoL "Fiduciary Rule",
elevates standards for financial advice, forcing financial advisors
(FAs) to operate at a fiduciary standard when making
retirement-related investment recommendations to clients.
SS&C Technologies Holdings, Inc., a global provider of
financial services software and software-enabled services, reports
that 85 percent of investment professionals expect that their firm
will spend money on technology that will help them comply with the
DOL Fiduciary Rule. As many as 33 percent of respondents expect
their firm to spend between 10 and 25 percent of their budget on
this. "NexJ's customer-centric approach to tackling data and
process automation challenges is the differentiated solution our
customers are looking for," says Paul
DeVriendt, Senior Vice-President of Products at NexJ
Systems.
About NexJ Systems Inc.
NexJ Systems provides
enterprise customer management solutions to the financial
services industry. Our solutions include industry-specific
customer relationship management (CRM) to enable collaboration
across countries, regions and teams; customer process management
(CPM) for client onboarding with KYC and AML for regulatory
compliance; and customer data management (CDM) to support digital
transformation and customer analytics across the enterprise. Our
solutions integrate information from multiple systems into a
unified view to help firms better understand and share information
about their customers to increase loyalty, drive cross-sell and
improve the customer experience.
Based in Toronto, NexJ has
clients throughout North America,
Europe and Asia Pacific. For more information about NexJ
visit www.nexj.com, e-mail info@nexj.com, or call
416-222-5611. Join us on LinkedIn, follow us on Twitter, subscribe
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Google+.
NexJ Forward-looking Statement
Certain statements in
this press release may contain words considered forward-looking
statements or information under applicable securities laws. These
statements are based on NexJ's current expectations, estimates,
forecasts and projections about the operating environment,
economies and markets in which the company operates. These
statements are subject to important assumptions, risks and
uncertainties that are difficult to predict, and the actual outcome
may be materially different. NexJ's assumptions, although
considered reasonable by the company at the date of this press
release, may prove to be inaccurate and consequently its actual
results could differ materially from the expectations set out
herein. For additional information with respect to risks and other
factors which could occur, see NexJ's securities filings with the
OSC and other securities regulators. NexJ securities filings are
available on www.sedar.com. Unless otherwise required by
applicable securities laws, NexJ disclaims any intention or
obligations to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
SOURCE NexJ Systems Inc.