Irish firm enables broker account payment over ATM

11 Jul 2003

A Dublin and Wexford-based IT outsourcing company PFPC, a subsidiary of the US-based PNC Financial Services Group, has developed technology that will make it possible for brokers to enable their customers to deposit funds into brokerage accounts via ATMs across the US.

With offices at the Irish Life Centre in Dublin, Wexford and the Cayman Islands, PFPC’s integrated banking transaction services allows cardholders in the US to deposit funds in the form of a cheque at any one of the participating ATMs. Cheques received before 3pm are processed on the same day and any deposit received after 3pm is considered a next-day transaction.

The service moves funds from deposit to the brokerage investment account in a completely paperless environment, streamlined into a brokerage’s back-office operations.

PFPC executive vice president Nancy Wolcott said: “When a broker signs up for the ATM brokerage account deposit service, they gain instant additional leverage with clients and prospects. One of the biggest stumbling blocks to brokerage accounts is providing a convenient way for customers to deposit funds. Through this service, customers have the ability to deposit funds right into a brokerage account at a nearby participating ATM.”

PFPC’s integrated banking transaction services (IBTS) include cheque processing, electronic bill payment, debit card services and comprehensive integrated support. PFPC’s technology supports over 3.5 million central asset checking transaction accounts, supporting approximately 793,000 debit cards and over 640,000 mutual fund accounts with cheque-writing across the US.

The company’s parent, PNC Financial Services Group, headquartered in Pittsburgh, is one of the largest diversified financial services organisations in the US, providing regional community banking, wholesale banking, real estate finance, asset-based lending, wealth management, asset management and global fund services.

By John Kennedy