Sampo Bank switches FX and money market ops to ADP
14 April 2003 | 3194 views | 0
Sampo Bank has been named as the first client for ADP/OMR's new business process outsourcing solution, deployed at the Finnish bank's foreign exchange and money market operations.
The service is based on ADP's front-to-back office trade processing system TradeThru. Trades are sent electronically from the bank's Helsinki headquarters to ADP's data centre where they are processed using TradeThru system.
As part of the service the bank receives confirmations via mail, fax or Swift, confirmation matching, Swift payment processing, static data maintenance, process monitoring and incident resolution.
Reijo Jokelainen, SVP and head of operations, Sampo Bank, says: "It is a big step for a bank to outsource its operations, and it was important for us that ADP is an independent provider, not another bank."
ADP says the bank is achieving an STP rate in excess of 97% since switching to the BPO platform.