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EMX is extended to IFAs&#39 clients

IFA clients will be able to pay for products electronically following an improved service from fund payment system provider EMX.

The introduction of electronic payment settlement for intermediaries brings it in line with fund supermarkets and other online retail operations that can complete purchases electronically.

IFAs will be able to take a client&#39s bank payment details and make purchases without waiting for a cheque to be sent.

The system, which goes live this month, is expected to introduce cost savings for providers and intermediaries.

Fidelity is the first pro-vider to offer the service, with other providers expected to come on board this year. EMX expects initial take-up of the service to come in the investment sector.

Chief executive Phil Wise says: “This gives IFAs an alternative route to get to providers if they do not want to transact business through fund supermarkets. It also means that intermediaries will not get providers hassling them with returned cheques.”

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