Robinhood, an app-based brokerage founded in 2013, on Wednesday rolled out Clearing by Robinhood, a clearing system built and operated in-house.

The new system will enable Robinhood not only to clear and settle transactions, but also to custody assets for all of its 6 million customers by year-end, according to a blog post introducing it.

Robinhood said it had set out two years ago to build its own clearing system from scratch, an endeavor that involved a team of some 100 people, including specialists in clearing and compliance.

According to the announcement, Clearing by Robinhood is the only clearing system built from scratch, and on modern technology, in the past decade.

Clearing for Robinhood will have several implications for customers, according to the blog post.

In the past, the blog said, bank reversal fees cost $30. Under the new system, Robinhood will pass on only what the banks charge: $9. In addition, Clearing by Robinhood will generate more account and trade information, resulting in better customer support with quicker response times.

The blog said Clearing by Robinhood would also enable the company to ship new features faster, expand into different financial services and bring more people to the financial system.