Wachovia Capital Markets selects ADP's Gloss for international processing

Wachovia Capital Markets selects ADP's Gloss for international processing

Wachovia Capital Markets is to implement ADP Wilco's Gloss platform to support its international securities trade processing.

Traders in Wachovia's London office will enter fixed-income trades into Gloss while the bank's back office staff in Charlotte, North Carolina will have access to the system for clearance and risk management.

The platform will handle the trade lifecycle from trade capture and enrichment, confirmation and position management through to settlement and accounting.

The bank will also use ADP's real time exception management system, STP Explorer, which alerts users to business exceptions and provides tools for investigation, repair and resubmission of transactions.

Robert Sontag, executive vice president, Wachovia, says: "The Gloss Bureau is the standard for international transaction processing. ADP's outsourcing leadership will enable us to further expand our presence in this market."

Wachovia is currently using the vendor's MBS Expert for mortgage allocation in both the bank and broker/dealers, as well as systems from ADP Investor Communication Services.

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