Fidelity Investments' business technology processing system, Xtrac Solutions, is now being used by many other highly regulated businesses, Fidelity says.
Xtrac Solutions has been used to run most of the operations and infrastructure at Fidelity Investments for the past 20 years. It was offered to other companies three years ago and each year since has seen 60 percent more users and 55 percent more work items processed, Fidelity said. Xtrac, an independent subsidiary of Fidelity, offers cloud-based workflow and document management technology.
The most recent addition to the Xtrac customer base is Global Financial Private Capital, which is using the system for its business processing services. Global will use Xtrac Solutions to automate, process and track transactions within its network of RIAs.
“The strong demand for Xtrac can be attributed to the need for robust systems that can handle, track and audit high volumes of complex transactions across multiple departments and offices in an increasingly regulated and constantly changing environment,” says Dan Brownell, president and CEO of Xtrac Solutions. “Many of our clients are seeing double-digit growth, including banks, insurance providers, brokers, investment managers, advisory firms and other recently emerging firms, such as strategic acquirers and strategic aggregators.”
More than 30,000 individuals in 75 companies now use Xtrac Solutions, Fidelity says.