ADP Wilco upgrades corporate actions; offers Tarot via ASP

ADP Wilco upgrades corporate actions; offers Tarot via ASP

ADP Wilco has released an upgraded version of its Java-based platform for corporate actions, UPM Corporate Actions, that includes new Swift messaging capabilities and broader coverage of income events.

The latest release includes a real-time two-way interface to the interbank network for all Swift corporate actions messages. This includes coverage of all notifications from custody agents, confirmations, agent election instructions, settlement and advice messages within the MT564-MT568 range.

Events processing has also been extended to include support for a range of coupon events, dividend events and dividend reinvestment plans.

Separately, the vendor has also announced a new ASP outsourcing service for UK retail and private client stockbroking, custody and fund management operations. The service provides access to ADP Wilco's retail transaction processing platform, Tarot, over proprietary or leased lines from a data centre in North America.

ADP says two investment firms have already made commitments to move to the hosted service.

Elizabeth Lake, ADP Wilco CEO, comments: "Our pricing model is based on the volume of transactions processed, making Tarot's...functionality more accessible to lower volume operations while also...being aligned to the outsourcing strategies of firms processing high volumes."

ADP Wilco's back office system Gloss was moved to an outsourcing platform in 1999 and now supports 12 multi-market operations.

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