If you hadn’t heard the news, FINRA plans to sunset the current Web EFT service in 2024. This will mean the end of the current annual subscription model and the complete retirement of all XML batch files uploaded or downloaded via fileX. This could occur as early as the end of Q1 next year, so insurers currently subscribing to Web EFT should be preparing for a migration before service ends.

What’s the significance of Web EFT?

Web EFT, which stands for Electronic Filing Transfer, is a secure file transfer application that enables efficient online filings and allows firms to receive daily and weekly data downloads, including accounting transactions and exam results. These are crucial, routine downloads that underpin the internal data systems for many insurers. This data comes directly from the Central Registration Depository (CRD) and the Investment Adviser Registration Depository (IARD) systems; together, these two databases contain licensing and disciplinary or disclosure histories on nearly one million securities professionals and investment adviser representatives.

In short, it’s a tremendous amount of vital, accessible information that could become inaccessible if you don’t prepare.

What is replacing Web EFT?

Firms that do not want to lose access to this business-critical data will need to migrate to the new FINRA API platform. It’s important to note that a different fee structure is in place, currently set at $1,650 per month. Insurers can get a more detailed information on the total cost of FINRA API here.

FINRA support for Web EFT is available Monday through Friday from 9 a.m. to 5 p.m. ET at (800) 321-6273. You can also reach out to WebEFT.Support@finra.org.

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