CRYSTAL, Minn., Aug. 7, 2019 /PRNewswire/ — MyRepChat continues to lead the way in the world of compliant texting for the financial services industry by deploying Rules Based Disclosures. Created by a Registered Principal, MyRepChat takes security and regulatory policy serious. According to Derrick Girard, CEO of ionlake, “Regulations are created in form of guidelines and that leads to ambiguity and often times very different outcomes in how things are implemented. One of our objectives with MyRepChat is to provide a platform that allows each organization to implement our solution based on their interpretations and parameters.”
Until now, MyRepChat provided organizations the ability to add Positive Consent (opt-in) and Disclosures to the default Negative Consent (opt-out) feature. Organizations have always had options on the frequency of disclosures; however, MyRepChat saw this as an opportunity for improvement. Now, organizations can deploy Rules Based Disclosures that allow for the creation of multiple disclosures based on specific rules.
Derrick said, “Certain states require specific disclosures and although it was possible to specify which disclosure to use, it was very manual and cumbersome for any organization. Now, an organization can specify a unique disclosure to be used based on things like state or even the number of users on an account. To take this one step further, we’ve expanded the frequency options so an organization can send these disclosures based on their timeframe, not just predetermined time intervals. The goal of course to be compliant as to ensure a client isn’t overwhelmed with disclosures on every message or even every day.”
From the beginning, MyRepChat had a mission to create a unique communications platform that went far beyond a simple text message. MyRepChat now integrates with 13 Archiving Institutions and 14 CRMs with another 6 CRMs coming soon. Derrick said, “sending and receiving a text is simple; however, understanding what Compliance Departments as well as Financial Advisors want in the technology they adopt is much more challenging and rewarding when done right.”
MyRepChat never charges an organizations fee for set-up or administration. As a partner in compliance, making adoption and customization simple is key to ensuring success for all parties.
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