Robinhood, the popular commission-free trading app for stocks, options and cryptocurrencies, announced late Wednesday night that it has officially launched Robinhood Securities, a new clearing system built from scratch.

According to a previous announcement, Robinhood Securities will function to eliminate the need for third-party clearing companies, which commonly charge multiple fees that are ultimately passed on to traders.

Bank reversal fees were $30 on the previous system, but once traders are on the new system, the fee will be reduced to $9. Additionally, Robinhood Securities allows the company to redesigned monthly account statements, tax documents and proxy notices for simpler language.

In an email sent out to Robinhood users on Wednesday night, the company revealed that Robinhood Securities is now operational and will begin handling trading activity on the platform.

“As our clearing agent, Robinhood Securities will perform certain centralized cashiering, bookkeeping, and trading functions for your cash and margin accounts,” said Robinhood in the email.

Robinhood Securities will handle the delivery and receipt of securities purchased or sold by clients, receive and distribute dividends and other distributions, and process exchange offers, tender offers, and redemptions.”

This news comes just weeks after Bloomberg reported that Robinhood currently generates around 40% of its revenue by selling its user order data to high-frequency trading firms, a practice commonly referred to as payment for order flow.