Northern Trust Company has released Benefits Payments Passport, a Web-based system that automates the processing of institutional benefit payments.
Northern Trust says its system can be used to automate manual payment processes for defined benefit, defined contribution and non-qualified benefit plans.
The platform provides real-time access to a participant's data, enabling plan sponsors to query and update information easily and eliminating the need for manual forms. The system also enables users to initiate stop payments, receive photocopy requests, reschedule pending payments, reissue payments and request duplicate tax forms.
Geordan Capes, vice president and benefit payments client servicing manager, Northern Trust, says Benefits Payments Passport provides plan sponsors with complete automation and flexibility.
"A vast majority of our clients have already migrated to the new system and the response we are receiving is overwhelmingly positive," he adds.