Paying Agent

We will handle it all, efficiently and skillfully.

A Partnership Process

We offer a variety of industries, including banks and trust companies, the opportunity to fully outsource their benefit payments, retirement distributions and other distribution processes.

Our partnership with Innovest Payment Solutions allows us to offer our clients a Paying Agent Service that will streamline payment processing and improve customer service through accurate and on-time distributions. When you work with FPS Trust as your paying agent, you will eliminate the need for reconciling multiple transactions performed by several different firms. We will handle it all, efficiently and expertly.

As a part of this service, FPS Trust is responsible for the accuracy and timeliness of federal and state tax payments. We have a dedicated team of experts that will: 

  • Integrate your trust accounting and recordkeeping systems 

  • Manage online recurring and lump sum payment processing

  • Remit federal and state tax withholding 

  • File 1099R and 1099 forms

  • Offer the option of 1099R combo checks

  • Process and fulfill ACH, wire and check transactions

  • Perform daily reconciliation and movement of cash

  • Offer escheatment support

  • Monitor and support stale-dated check processes

In tandem with our partner Innovest Payment Solutions, FPS Trust will:

  • Ensure data security and safety, including a SSAE 16 SOC I Type II audit

  • Offer personalized and automated workflows and configurable, role-based permissions to help you meet your specific business needs 

  • Ensure you have direct, online customer access to tax forms

  • Automate the processing of cost of living adjustments (COLA)

  • Manage OFAC processing

  • Offer customized branding on check forms

  • Maintain State Tax Tables

Our turnkey approach to paying agent services supports paperless real-time automation which enhances the participant experience and streamlines your business.