Sacramento, CA, June 27, 2013 – Administrative Systems (ASI), a leading provider of retirement benefits payments processing, and FPS Trust Company, a Colorado based trust company, today announced that they have partnered to launch a new Paying Agent service. Paying Agent Services will provide customers with the ability to fully outsource the payments process, including reconciliation and movement of cash, remittance of tax withholding to both federal and state agencies, OFAC processing, stale dated check monitoring, and escheatment.
Paying Agent Services are a natural extension to ASI's current disbursement services offering, ASIPay. ASIPay is an online payment and workflow system providing clients with the ability to fully streamline payments by automatically calculating withholding & deductions, maintaining up?to?date information on state and federal withholding requirements, aggregating deduction payments, and calculating cost of living adjustments (COLA).
Rob Hickman, president of Administrative Systems, said, "We are excited to be working with FPS Trust Company to bring Paying Agent Services to market. By combining ASI's 40 plus years of expertise in the payments business with FPS Trust's operations background and system capabilities we can better serve our clients and offer a true end?to?end payment processing solution."
Scott Pearson, chief executive officer of FPS Trust Company, said, "In order to maintain a competitive advantage given the high volume of baby boomers seeking distributions, having a streamlined and cost? effective solution for distribution processing in the retirement and wealth management space is crucial for our clients' business efficiency. We are delighted to be working with ASI to offer clients a solution that will put them at the forefront of this market shift."
For over 40 years, Administrative Systems (ASI) has been the leading provider of retirement plan benefit disbursements, tax reporting, and related services for some of the world's largest banks, trusts, and pension funds. ASI's solutions feature superior functionality, cost efficiency, and unrivaled customer service. For more information about ASI, visit www.asipay.com.
About FPS Trust Company
FPS Trust Company is a non?depository Colorado State chartered trust company that is dedicated to the effective utilization of sophisticated, industry?leading technology that streamlines processing and eliminates paperwork. FPS serves the custodial market in Paying Agent services, Automatic IRA Rollovers and other related activities. For more information about FPS Trust Company, visit http://www.fpstrustco.com.