ConvergEx Group said it received a patent for commission management technology from the U.S. Patent and Trademark Office.
The Office issued United States Patent No. 7,769,658 to the company for a commission management system, the technology firm announced yesterday.
The patent covers the proprietary technology and methodology for a commission management platform that enables users to pool and manage their commission dollars from multiple executing brokers, including those users to review, approve and authorize payment of its research invoices using those pooled commissions.
ConvergEx acquired Cogent Consulting, a leading provider of commission management technology in late 2009. Cogent’s software allows buy side firms to manage and make payments to third-party research providers through a virtual portal, rather than go to separate broker web sites.
“The patent approval is a major milestone in ConvergEx’s commitment to provide innovative commission management technologies to give our clients a full-service solution that is truly unique in the marketplace,” commented John Meserve, executive managing directors and head of the commission management business at ConvergEx Group.
ConvergEx now provides a complete suite of neutral, anonymous and transparent services that encompasses every step of the commission management process from broker vote to third-party payment, according to the company.