Mellon Financial Corporation’s Asset Servicing group has enhanced its payment disbursements system, aiming to enable pension plans to more efficiently track payments, adjustments and other activities.
This enhanced Web-based system provides pension plans a payment history, multiple pay sources and deduction options, and real-time inquiry and update capabilities and flexible navigation. Mellon’s upgraded system also furnishes pension plans with the ability to develop customized reports that summarize activity through Mellon’s Workbench technology.
“With Mellon’s real-time system, plan sponsors can streamline their benefit disbursements process and improve the service for their pensioners,” said Stephen Trowbridge, senior vice president and head of operations for Mellon Global Securities Services. “In addition, through our Workbench product, clients can obtain a wide array of reports, securely and conveniently, from any personal computer with Internet access. This user-friendly tool enables users to search for account and participant data, all at their fingertips.”