Launch Expected to Provide a Streamlined
Onboarding Process for Clients
AtlasClear Holdings, Inc. (“AtlasClear Holdings”) (NYSE
American: ATCH) today announced the launch, in collaboration with
Pacsquare Technologies LLC (“Pacsquare”), of a next-generation
online account application that it expects will streamline the
onboarding process for its clients in the U.S.
“We are thrilled to announce the launch of our automated online
account application, designed to simplify and enhance the
onboarding process for clients eager to trade in the U.S. market,”
said AtlasClear Holdings’ President, Craig Ridenhour. “The goal of
this state-of-the-art tool is to allow clients to provide essential
personal, financial, and banking information securely and
efficiently through a user-friendly interface. Our application
gathers necessary personal, financial, and banking data required
for setting up an account, and the submitted information undergoes
verification by our dedicated risk management team to ensure
compliance and security.”
There are multiple benefits of the new online account
application. The onboarding process is significantly streamlined,
reducing paperwork and processing time. Its robust verification
processes [promote] the integrity and security of client data,
offering peace of mind in today’s digital age. Integration with
AtlasClear Holdings’ back office empowers clients to engage with
its trading platform immediately upon account activation. This
quick access to trading is crucial for clients who want to take
advantage of market opportunities without unnecessary delays.
The online account application uses REST-based APIs (this API
enables communication and data exchange between different software
applications via the HTTP protocol) to efficiently manage accounts,
users, and broker subordinates with robust security protocols for
secure and reliable data exchange. The APIs offer comprehensive
account management, including creation, updates, and deletions,
alongside a full suite of user management capabilities such as
registration, authentication, role assignment, and profile updates,
all adhering to strict security and privacy standards.
Additionally, the APIs support hierarchical management of brokers
and their subordinates, enabling easy addition, modification, and
removal of subordinate relationships. The goal is to ensure
scalable, maintainable, and high-performance interactions for
managing critical data across various entities.
“Our commitment to providing a seamless and secure platform for
our clients is unwavering. The launch of the online account
application is a testament to our dedication to enhancing the
trading experience for our clients. By offering a secure and
efficient onboarding experience, we aim to simplify the journey for
clients to begin trading in the U.S. and international markets,
which we believe reinforces our position as a Fintech leader in
offering trading solutions,” said Executive Chairman, John
Schaible.
About AtlasClear Holdings, Inc.
AtlasClear Holdings plans to build a cutting-edge technology
enabled financial services firm that would create a more efficient
platform for trading, clearing, settlement and banking of evolving
and innovative financial products with a focus on the small and
middle market financial services firms. The goal of AtlasClear
Holdings is to have a fully vertically integrated suite of
cloud-based products including account opening, trade execution,
risk management, regulatory reporting and settlement. The team that
leads AtlasClear Holdings consists of respected financial services
industry veterans that have founded and led other companies in the
industry including Penson Clearing, Southwest Securities, NexTrade
and Anderen Bank.
About Wilson-Davis & Co., Inc.
Wilson-Davis & Co. Inc. (“Wilson-Davis”) is a full-service
correspondent securities broker-dealer. The company is registered
with the Securities and Exchange Commission (“SEC”), the Financial
Industry Regulatory Authority and the Securities Investor
Protection Organization. In addition, Wilson-Davis is a member of
DTCC as well as the National Securities Clearing Corporation.
Headquartered in Salt Lake City, Utah and Dallas, Texas.
Wilson-Davis has been servicing the investment community since
1968, with satellite offices in California, Arizona, Colorado, New
York, New Jersey and Florida.
About Commercial Bancorp of Wyoming
Commercial Bancorp of Wyoming (“Commercial Bancorp”) is a bank
holding company operating through its wholly-owned subsidiary,
Farmers State Bank (“FSB”) and has been servicing the local
community in Pine Bluffs, WY since 1915. It has focused the
majority of its services on private and corporate banking. A member
of the Federal Reserve, FSB is expected to be a strategic asset for
AtlasClear Holdings’ long-term business model.
Cautionary Statements Regarding Forward-Looking
Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended, that reflect AtlasClear Holdings’ current views
with respect to, among other things, the future operations and
financial performance of AtlasClear Holdings. Forward-looking
statements in this communication may be identified by the use of
words such as “anticipate,” “assume,” “believe,” “continue,”
“could,” “estimate,” “expect,” “foreseeable,” “future,” “intend,”
“may,” “outlook,” “plan,” “potential,” “proposed” “predict,”
“project,” “seek,” “should,” “target,” “trends,” “will,” “would”
and similar terms and phrases. Forward-looking statements contained
in this communication include, but are not limited to, statements
as to (i) AtlasClear’s expectations as to various operational
results, (ii) AtlasClear’s anticipated growth strategy, including
the proposed acquisition of Commercial Bancorp and (iii) the
anticipated benefits of the online account application.
The forward-looking statements contained in this communication
are based on the current expectations of AtlasClear Holdings and
its management and are subject to risks and uncertainties. No
assurance can be given that future developments affecting
AtlasClear Holdings will be those that are anticipated. Actual
results may differ materially from current expectations due to
changes in global, regional or local economic, business,
competitive, market, regulatory and other factors, many of which
are beyond the control of AtlasClear Holdings. Should one or more
of these risks or uncertainties materialize, or should any of the
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
Factors that could cause actual results to differ may emerge from
time to time, and it is not possible to predict all of them.
Such factors include, but are not limited to: AtlasClear’s
inability to successfully integrate, and/or realize the anticipated
benefits of, the acquisition of Wilson-Davis & Co., Inc. and
the technology acquired from Pacsquare Technologies LLC (the
“Transaction”); failure to recognize the anticipated benefits of
the Transaction, which may be affected by, among other things,
competition, the ability of AtlasClear Holdings to maintain
relationships with customers and suppliers and strategic alliance
third parties, and to retain its management and key employees;
AtlasClear Holdings’ inability to integrate, and to realize the
benefits of other potential acquisitions; AtlasClear Holdings’
ability to successfully implement the online account application
and to realize its anticipated benefits; changes in general
economic or political conditions; changes in the markets that
AtlasClear Holdings targets; slowdowns in securities or
cryptocurrency trading or shifting demand for trading, clearing and
settling financial products; any change in laws applicable to
AtlasClear Holdings or any regulatory or judicial interpretation
thereof; and other factors, risks and uncertainties, including
those that were included under the heading “Risk Factors” in
AtlasClear Holdings’ Annual Report on Form 10-K filed with the
SECon April 16, 2024 and its subsequent filings with the SEC.
AtlasClear Holdings cautions that the foregoing list of factors is
not exhaustive. Any forward-looking statement made in this
communication speaks only as of the date hereof. Plans, intentions
or expectations disclosed in forward-looking statements may not be
achieved and no one should place undue reliance on such
forward-looking statements. AtlasClear Holdings does not undertake
any obligation to update, revise or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable securities laws.
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Investors atlasclearir@icrinc.com
AtlasClear (AMEX:ATCH)
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