.jpg){kind=avatar}
Portfolio company Quovo has teamed up with Apex Clearing Corp to allow quick transfers of portfolio assets from one custodian to another, compared to the current system, ACATS, which takes six days to complete.
The way it'll work is for a machine learning algorithm to analyze the data, make sure it matches, and through use and trial and error improve its ability to spot holes and repair them in advance, says Quovo CEO Lowell Putnam. It thus ensures everything on both sides of the transaction is 'fit for purpose,' meaning it's just down to the National Securities Clearing Corporation-DTCC to do the necessary work. See: Schwab wins long-awaited green light from the SEC on alternative-assets distribution. See: Schwab wins long-awaited green light from the SEC on alternative-assets distribution.
unknownx500
