NEW YORK, NY, JUNE 2, 2015 – Innovest, a leading provider of trust and wealth management solutions, today announced that MG Trust Company dba Matrix Trust Company has chosen InnoPay, Innovest's payment solutions platform, to provide payment processing services for its recent asset acquisition of the trade processing business of the Wilmington Trust Retirement and Institutional Services unit of M&T Bank Corporation (NYSE:MTB). Matrix Trust Company, a Broadridge Financial Solutions, Inc. company, is a long-time Innovest client and has been using Innovest's trust accounting and wealth management platform, InnoTrust, since 2002.
With Matrix Trust Company's organic growth and the integration of the acquired trade processing business, over 24,000 periodic and lump sum payments and the related tax forms including all 1099s and W2s will be added to monthly processing. This is in addition to the current volume of more than 165,000 annual distribution checks and 1099Rs processed by Matrix Trust Company's Denver-based business. "With this recent asset acquisition, we inherited a large block of payments that were being processed by three separate platforms. Being able to consolidate the process using Innovest's platform will help reduce operational risk and increase cost efficiency," said Suzanne Walters, senior vice president of Matrix Trust Company.
"Innovest couldn't be happier with Matrix Trust Company's decision to continue to strengthen the relationship between our firms by selecting the InnoPay system and related fulfillment services. Their decision to use our platform only serves to highlight our strategic focus on the benefit payments business. We look forward to working with them to onboard this new business,"" said Chip Moore, Innovest's senior vice president of business development.
InnoPay processes over 4 million payments and provides fulfillment services for more than 10 million documents including checks, advices, and tax forms each year. InnoPay will be providing all calculations related to the benefit payments, including various withholdings and state and federal tax calculations.
Innovest is a leading provider of financial technology solutions delivered to forward-thinking trust, wealth management, and retirement professionals. Innovest's solutions empower its clients to acquire new customers, invest assets effectively, manage trust and investment portfolios efficiently, and flexibly report results to customers. Innovest has over $425 billion in assets under administration on its trust and wealth management platform, processes more than 4 million payments annually and provides fulfillment services for more than 10 million documents, including checks, advices, and tax forms each year. Innovest's wholly owned subsidiary, FinTech Securities, executes over 69 million equity shares annually. For more information about Innovest, visit www.innovestsystems.com.
Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,700 full-time associates in 14 countries. For more information about Broadridge, please visit www.broadridge.com.
About Matrix Financial Solutions
Matrix Financial Solutions, now part of Broadridge Financial Solutions, Inc., is a leading provider of TrueOpen™ retirement products and services for third party administrators, financial advisors, banks and other financial professionals. Matrix serves more than 400 financial institutions with over $300 billion in customer assets processed through its trading platform. For more information about Matrix, please visit matrix.broadridge.com.
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Media: Lindsay Bisson
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