Syntegra today announced that it is collaborating with Computershareto deliver an enhanced Dividend Consolidation Service to market participants.
The service is to be piloted by Syntegra and Computershare over the coming months with a small group of financial institutions. It is designed to assist nominees and brokers, who operate many designated nominee accounts, to provide a blanket instruction to registrars that will affect every CREST designated holding they operate. The service, offered through Syntegra’s network will enable more institutions to benefit from early electronic notice of dividend payments – simplifying administration overheads and reducing cost.
“We have consistently focused on the provision of quality services to the international securities industry, and at an early stage it became clear to us that there are efficiencies to be made through improved electronic delivery of a dividend consolidation service,” says Jeff Sainsbury, general manager specialised products at Computershare. “Syntegra’s integration skills and long-standing knowledge of the registrar community made them the obvious choice as technology provider.”
Kevin Covington, sector manager for the wholesale financial services division at Syntegra added: “This initiative forms the first part of our overall strategy to develop easily deployable services across our proven infrastructure, which gives financial institutions easily recognizable advantages such as reduced costs across the trade lifecycle and increased STP. Upon successful completion of the pilot phase, both Syntegra and Computershare would like to encourage a wider community of participants, including other registrars, to take part in this initiative in order to maximise the benefits that can be achieved.”