As FINRA phases out WebEFT, financial institutions face the daunting task of migrating to FINRA's new API platform. Managing the switch internally leaves firms to choose between a significant and ongoing investment in development and compliance resources or a move back to inefficient and error-prone manual processes.
The April 30 sunset date is coming up fast. Is your firm ready for the change?
Simplify Your Transition to FINRA APIs with MCO
Implementing MCO's Representative Registration and Licensing solution will enable firms to transition to the benefits of the new FINRA API system without the development and maintenance headaches. Download our brochure to learn more.
What is the FINRA API Platform?
FINRA is transitioning from its legacy WebEFT system to a more modern API platform. According to FINRA, the switch will enhance the efficiency and effectiveness of regulatory data exchanges and provide a framework for future improvements. The WebEFT system, which relied on batch processing and overnight data updates, will be completely retired by April 30, 2025
What Does this Mean for Firms Using FINRA's WebEFT?
Firms must shift from WebEFT to the new APIs or revert to manually processing all their representatives' information.
The development requirements are daunting and require significant IT and other firm resources to implement and maintain. At the same time, switching to manual processes brings its own set of issues. It becomes a time sink with ample room for error and risk when firms manage their licensing, registrations and continuing education requirements across reps and locations using spreadsheets and emails. Read more in the article Too Many Firms Still Track Employee Registration Compliance Manually.
Why Make the Switch with MyComplianceOffice?
- Seamless Migration: We've integrated all WebEFT features into the new FINRA APIs for a smooth transition.
- Enhanced Insights: Receive detailed status updates throughout your data submission process.
- Future-Ready Platform: Gain access to real-time updates and expanded capabilities as we continually align with FINRA's latest advancements.
- Cost-Effective Solution: Eliminate redevelopment expenses by leveraging MCO's robust platform.
- Streamlined Compliance: Manage FINRA and organizational compliance requirements in one place—no more toggling between multiple systems.
Part of a Broader Employee Compliance Suite
The license and registration tracking module is a part of MCO's Know Your Employee compliance suite. With capabilities including Personal Trading Compliance, Gifts and Entertainment, Outside Business Activities, Communications Compliance and more, Know Your Employee empowers firms to manage compliance more efficiently, reduce risks, and streamline compliance processes.
Don't Let the FINRA API Transition Slow Your Compliance Program Down
MCO's Representative Registration and Licensing solution simplifies your FINRA API transition, reduces costs, and lets you focus on your business instead of technology updates. Download our brochure to learn more.
Ready to avoid manual processing and inefficiencies and gain more streamlined processing of your representative licensing, registration and continuing education?
Ready to learn more? Contact us for a demo today!
