Syntegra and Computershare team for dividend consolidation initiative
16 April 2003 | 3088 views | 0
Syntegra, the systems integration subsidiary of BT, is to partner Computershare to deliver a dividend consolidation service for UK retail brokers, wealth management firms, custodians and nominee service providers.
The service is designed to assist nominees and brokers who operate many designated nominee accounts by providing a blanket instruction to registrars that will affect every Crest designated holding they operate.
Offered through Syntegra's network, the service will allow institutions to benefit from early electronic notice of dividend payments, simplifying administration overheads and reducing costs.
Jeff Sainsbury, general manager, specialised products, Computershare, says it became clear that there are efficiencies to be made through improved electronic delivery of a dividend consolidation service.
Kevin Covington, sector manager, wholesale financial services division, Syntegra, adds: "This initiative forms the first part of our overall strategy to develop easily deployable services across our proven infrastructure, which gives financial institutions easily recognisable advantages such as reduced costs across the trade lifecycle and increased STP."
The scheme will be piloted over the coming months with a small group of financial firms.