Will ATMs be the asset-gathering tool of the future? Maybe yes, maybe no, but PFPC is making sure that it is ready either way. The fund back-office specialist has created a platform to enable fund firms to offer their customers the ability to deposit funds into brokerage accounts via automated teller machines (ATMs).
This service is currently setup to work with ATMs that accept deposits within the STAR and NYCE networks. PFPC is offering the capability through its integrated banking transaction services (IBTS). The service allows cardholders to deposit funds in the form of a check at any one of the participating ATMs. Checks received before 3 p.m. ET are processed same day; any deposit received after 3 p.m. is considered a next-day transaction.
PFPC officials say that the service is able to move the funds from deposit to the brokerage investment account in a completely paperless environment. That enables it to speed the processing period for the deposits, says PFPC.
"When a broker signs up for the ATM brokerage account deposit service, they gain instant additional leverage with clients and prospect," said Nancy B. Wolcott, executive vice president and business executive, shareholder services group, PFPC. "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."
Stay ahead of the news ... Sign up for our email alerts now