According to a recently signed multi-year contract, DST Output, part of the El Dorado Hills, Calif.-based customer communications segment of DST Systems, will produce and deliver Schwab's trade confirmations and broker-dealer, bank and tax statements. DST Output will also provide fulfillment, direct mail and warehouse distribution services.
Mike Haydel, senior vice president of brokerage and specialized products at Schwab, said in a press release that DST Output was selected based on its "innovation, advanced technology and cost-effective approach" to customer communications, particularly in terms of personalized statement messaging and color options.
"DST Output can advance Schwab to the next level of efficient print and electronic statement production and distribution for the benefit of our clients," Haydel added.
A good portion of Schwab's customer communications has already been converted to DST Output, with a few remaining applications to be transitioned in the coming months.
The work is being processed across four of DST Output's facilities in California, Missouri, Massachusetts and Connecticut, both to improve access and fast delivery to customers and for built-in disaster recovery.