Dividend Payments

OPEN Dividend Payments

The OPEN Dividend Payments system performs the recording and management of corporate events that are related to shares and that involve payments.

The system’s key functions and features are as follows:

• Management of dividend payments in relation to securities record-keeping and account management
• Reporting to the issuer
• Share-ownership verification and preparation of share allocations
• Flexible and configurable modules to meet a wide range of user requirements
• Suitable for integration with other internal and external applications

The management of share-related company events that involve payments (dividend payment, dividend advance payments, share dividends) as a service related to securities record-keeping and account management.

The OPEN Dividend Payments system is designed to complement the Securities Account Management and Clearingprograms.

In accordance with the type of institution or company paying the dividend, the Dividend Payments system can perform the following functions:

• Provision of information to the dividend payer regarding the distribution of shares between shareholders
• Actual dividend payment (dividend calculation and disbursement, preparation of tax certificates)

The functions of the OPEN Dividend Payments system

• Maintaining records on dividend-payment events related to both physical and dematerialised securities
• Checking and maintenance of serial number data with regard to cut-off dates in respect of physical securities
• Management of dividend payment groups for the purposes of periodic dividend payment
• Receipt and validation of share-ownership verification documents
• Mapping of taxation categories for dividend payment
• Calculation of gross dividend, tax and net dividend for each shareholder
• Payment of dividend in cash or by bank transfer to the custodian or owner
• Where the paying institution is involved, the provision of data necessary for disbursement, and the receipt and processing of disbursement data
• Reporting to custodians and issuers
• Allocation of the denominations and serial numbers of securities
• Preparation of tax certificates for shareholders

The OPEN Dividend Payments system is designed to complement the Securities Account Management and Clearing program.

The system connects to the Current Account Management and Cash Desk systems of the OPEN Banking Systems applications.

The OPEN Dividend Payments system is a modular system with a client-server architecture and a user-friendly graphical interface, and can be flexibly developed to suit a wide range of user requirements.

The protection of the systems in terms of access and authorisation is ensured on multiple levels, partly by leveraging the opportunities offered by the applied technologies and partly by utilising the supplied application-level protection devices.

KELER (Central Clearing House and Depository Budapest) Ltd.

The Dividend Payments system manages the dividend-payment corporate events undertaken by KELER in respect of the physical and dematerialised shares recorded in the KELER system.