Edward Jones extends ADP outsourcing contract
25 November 2002 | 2463 views | 0
US investment firm Edward Jones has signed a multi-year contract to continue outsourcing its securities transaction processing to ADP Brokerage Services.
St Louis-based Edward Jones says it has outsourced services to ADP for over 20 years and will continue to use the vendor's processing platform in a service bureau environment to support its brokerage business.
ADP has also announced that four new clients have signed securities transaction processing contracts with its Securities Industry Software division (ADP/SIS).
Washington-based Folger Nolan Fleming Douglas, New York's HG Wellington & Co, Hazlett, Burt & Watson in West Virginia, and ES Financial based in Miami, will all implement ADP's Brokerage Accounting System (BAS), Order Management System (OMS) and securities data solution Posse.
ADP's BAS is a real-time STP system that automates brokerage accounting and back office functions and allows firms to receive, enter, route and execute orders.
The Posse solution provides sales executives with real-time access to client and product information, portfolio charts and reports, real-time tax lot accounting, sales and commission calculation tools.