JPMorgan Worldwide Securities Services is to provide its institutional investor clients with Web-based access to corporate action materials, eliminating the distribution of thousands of paper documents annually.
The service will be provided by ADP Investor Communication Services (ICS) which will scan and store shareholder communication documents in its Reorg Event Library within 24 hours of receipt. The system sends an e-mail alert that allows clients to click on a secure Internet link to view information. The documents are packaged, bookmarked and indexed electronically.
Bob Schifellite, SVP, general manager, ADP ICS, says: "The interactive Reorg documents are far superior to a PDF file, since they require much less disk space and allow users to search all documents within an e-mail window."
The bank says the Web-based system will provide institutional investors with access to a comprehensive set of shareholder communications related to corporate action events for US and Canadian securities.
Users will also be able to access documents including a prospectus, letter of transmittal, tax information and broker letter, via the Internet.
Diane Babich, VP and global custody product manager, JPMorgan Worldwide Securities Services, says: "The new system eliminates the expense and delays associated with paper mailing of prospectuses, and provides a quick and easy way to meet our regulatory requirements."