First Union National Bank has licensed Securities InterLink, a Web-based shareholder information platform for US-based commercial and issuer transfer agents from SunGard Investor Accounting Systems.
Initially designed for browsing, Securities InterLink now includes proxy voting, legal address changes, open enrollment - which allows an investor to purchase stock directly with the issuer bypassing the broker, ACH directives such as direct deposit instructions or bank draft instructions, and account statement forms.
The service is currently being used by 15 other commercial and issuer transfer agents, eiher on an outsourced basis with complete Web hosting, or as a turnkey solution. First Union opted for the former.
Tom Maupin, vice president and equity services business manager of First Union says: "We see Securities InterLink as part of an initiative to dramatically enhance service to our issuers and their investors, while driving down our cost."