Yorkton moves to electronic statements

Yorkton moves to electronic statements

Toronto-based investment broker Yorkton Securities has chosen ACI Worldwide's electronic delivery and messaging software to create an electronic statement service for its investment clients.

The Canadian broker will use ACI's new M-Statement facility to deliver post-trade confirmations to approximately 60,000 accounts within 24 hours of initiating a transaction. This reduces the days it can take for delivery of a confirmation statement via traditional mail to a matter of minutes via secure, 128 bit encrypted email and protects the confidentiality of data, says the company. Monthly account statements will be delivered via the same secure channel.

Yorkton expects to achieve a significant return on investment with "substantial" cost savings following from the elimination of paper statements.

Implementation of the system is scheduled for the end of this quarter making the company one of only a few North American investment brokerages currently offering electronic statements.

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