New functionality debuted in the Univeris v22.0 release!

We’re proud to highlight three key new features, among many, that were included in the recent Univeris 22.0 release. As always, we want our platform users to be on top of industry best practices and kept this in mind when we launched the following solutions. 

Unique Client Identifier (UCI)

By background, the CDIC introduced new rules meant to strengthen eligible deposit protection (i.e., deposits in RRSPs, RRIFs, TFSAs, RESPs, RDSPs, term deposits, GICs, chequing and savings accounts, etc.), which came into effect on April 30, 2022. An important change for nominee brokers to note is that they must now designate and send UCIs to CDIC member institutions at the time deposits are made for clients and each time changes are made to deposits. With UCIs, the CDIC can quickly calculate deposit insurance coverage and reimbursement payment owed to investors in the event their member institution collapses. To ensure that dealer firms are in sync with this new rule, we developed a digital reporting solution that assigns and safely sends UCI information to firms, allowing them to pass it on to CDIC for processing.

Data feeds for auditors

The big Canadian auditing firms typically have policies in place that require its partners, employees and immediate family members to be financially independent of its audited clients and their affiliates. This policy includes the monitoring of their personal trading accounts held at broker-dealers. To help dealer firms adhere to and comply with an auditor’s request for the securities holdings and trading activities of its staff and their family members, we developed software that compiles this data from the Univeris platform and then send it securely to the auditing firm on a daily basis, enabling their compliance department to efficiently monitor transactions.

eDeposit

As one of our newest user-centric solutions, eDeposit was developed and designed to automate and simplify the funding of an investor’s account. Up until now, dealers and advisors handled this task manually, which took time and was prone to errors. Now that this workflow has been automated, the benefits have been immediate: a better user experience, improved productivity and reduced risk for errors. This service will be further developed and enhanced over time, but today it’s a stepping stone towards smoother and more efficient processing of investors’ cash deposits. 

We continue to work on exciting enhancements to the Univeris platform, but if you would like additional background or more information on this latest batch of updates, please get in touch with us. We’d be happy to assist.