Source: ADP Brokerage Services Group
Automatic Data Processing, Inc. (NYSE: ADP) subsidiary ADP Wilco has announced the availability of ISO 20022 SWIFT messaging for the funds industry through its SWIFT Service Bureau.
ADP Wilco's first user for the new standard, a Luxembourg-based fund manager, has commenced live operations through the bureau service.
SWIFTNet Funds messaging, based on the ISO 20022 standard, is a significant opportunity for market participants seeking to improve automation and communications across their fund operations. The message standard offers the benefits of reduced cost and lower operational risk throughout the investment funds processing cycle.
The new ISO 20022 messages are XML-based, which enables further benefits through the ease with which they can be updated, and their open design that supports a more straightforward approach to connectivity.
"The provision of ISO 20022 messaging with our SWIFT bureau is part of ADP's ongoing commitment to invest in its processing services and enable user firms to take advantage of new market initiatives in a timely and cost-effective manner," said Volker Wombacher, head of ADP Wilco's SWIFT bureau services.
ADP Wilco's SWIFT Service Bureau now has a customer base of 15 firms based in three countries.