Israel's Bank Leumi has signed a multi-year outsourcing agreement with ADP for the management of securities transaction processing and regulatory document delivery services at its US operations.
Under the deal Bank Leumi USA will use ADP's hosted Brokerage Processing Services (BPS) platform to manage its securities back office. The BPS platform is a real-time processing system for equities, options and mutual funds, complete with automated inquiry, reporting and record keeping services.
The bank will also use ADP's PostEdge system to distribute confirmations, statements, tax documents and other investor communications electronically. The system also allows for electronic archival and retrieval of investor related documents. The vendor will also provide a standard mail option for Bank Leumi customers who prefer to receive paper copies of shareholder communications.
Jose Paulucci, EVP, Bank Leumi USA, says, the move is part of the bank's efforts to ovehaul and streamline back office operations and achieve greater efficiencies.