19 August 2017
Find out more

ADP inks deals with E*Trade, Scudder; switches Scotia Trust to outsourced platform

06 May 2003  |  4637 views  |  0 ADP inks deals with E*Trade, Scudder; switches Scotia Trust to outsourced platform

ADP Brokerage Services has inked a 10-year outsourcing contract to provide multi-market back office systems processing and other related services for E*Trade Securities.

As part of the agreement, E*Trade Securities is converting its brokerage back office books and records system to ADP's Brokerage Processing Services (BPS). ADP will also provide regulatory document delivery services through its Investor Communication Services unit, as well as new brokerage account processing of paper applications. The implementation will take a phased approach and ADP's system will replace existing proprietary and vendor systems.

Jarrett Lilien, president and COO, E*Trade Group, says: "This move, first and foremost, will save us money. Strategically, we will also see benefit, as ADP will allow us greater opportunity to centralise our global securities operations, as well as allowing us to achieve operational synergies between bank and broker."

In an unrelated deal, Canada's Scotia Trust has begun to migrate its personal trust accounting requirements from an inhouse system to ADP Brokerage Services Trust System, an outsourced platform that went live in Toronto in Q1 2003 following a two-year development programme. The ADP Trust System was added to the existing ADP Brokerage Processing Services (BPS) system to provide consolidation of positions and balances allowing processing of dividend, interest, corporate actions, and settlements to be centralized on a common platform.

The system is browser-based using Websphere and DB2 technologies to deliver an interactive system incorporating real-time positions and balances, payment scheduling, diaries, transaction history and statement generation.

Seperately, ADP has announced plans to acquire the Salem, New Hampshire, and Kansas City, Missouri, retirement plan recordkeeping operations of investment management firm Scudder. Approximately 350 Scudder staff employed in these service centres will join with 510 employees from ADP's Roseland, New Jersey, and Louisville, Kentucky, plants to provide processing services to a client base of over 30,000 retirement plans. Scudder retains a financial interest in the performance of the unit.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

ADP/SIS rolls out Trading Power for real-time margin calculations

ADP/SIS rolls out Trading Power for real-time margin calculations

29 April 2003  |  2858 views  |  0 comments
Dexia BIL outsources global proxy services operations to ADP

Dexia BIL outsources global proxy services operations to ADP

28 April 2003  |  4149 views  |  0 comments
Financial sector weaknesses take toll on ADP earnings

Financial sector weaknesses take toll on ADP earnings

17 April 2003  |  2965 views  |  0 comments
Sampo Bank switches FX and money market ops to ADP

Sampo Bank switches FX and money market ops to ADP

14 April 2003  |  3112 views  |  0 comments
ADP Power Securities Systems releases ASP version of PowerClear

ADP Power Securities Systems releases ASP version of PowerClear

01 April 2003  |  2802 views  |  0 comments
Edward Jones extends client services with ADP Wilco's Tarot

Edward Jones extends client services with ADP Wilco's Tarot

26 March 2003  |  2841 views  |  0 comments
Babcock named president ADP/ICS; two new signings for ADP/SIS

Babcock named president ADP/ICS; two new signings for ADP/SIS

24 March 2003  |  2729 views  |  0 comments
ADP revises forecasts downwards

ADP revises forecasts downwards

13 March 2003  |  2637 views  |  0 comments
Dresdner Kleinwort Wasserstein renews ADP outsourcing contract

Dresdner Kleinwort Wasserstein renews ADP outsourcing contract

10 March 2003  |  3451 views  |  0 comments

Related company news

 

Related company information

Broadridge Financial Solutions

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8047 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7416 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6272 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6133 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5979 views comments | 11 tweets | 9 linkedin

Featured job

Find your next job