ICI/ADP selects Volante for data management and Swift messaging
12 October 2004 | 1575 views | 0
VOLANTE TECHNOLOGIES, INC., today announced that ICI/ADP, a division of Automatic Data Processing, Inc. (NYSE: ADP) has agreed to build its future complex financial messaging solutions using Volante's data management product suite.
ICI/ADP delivers fixed-income trading capabilities to the securities industry, a market undergoing incredible changes in the way business is conducted. With increased automation demanded by the industry, ICI/ADP has targeted strategic areas, such as connectivity, to enhance its core products.
Volante was selected from a field of five contenders after a rigorous selection process, which included a review of long-term requirements for data and complex message management. ICI/ADP offers a comprehensive suite of fixed-income processing solutions with a battle-tested track record of functionality, dependability, flexibility and scalability. From its inception, ICI/ADP has focused on developing highly interactive and responsive online systems for the financial community.
The initial use of the product suite will be to provide a fully automated wire transfer capability to ICI/ADP's impact(tm) system via SWIFT messages. Wire transfer capability significantly enhances the sophisticated open items and P&I processing capability already delivered in impact. impact is an integrated, online securities transaction processing system that offers the industry's most comprehensive support for fixed-income trading and processing. The impact system provides leading global financial institutions with trade capture and processing, as well as settlement and clearing functions for domestic and foreign fixed-income instruments, including extensive support for mortgage backed securities.
Volante's products are applicable to a wide variety of solutions used by the financial services industry including payments, corporate actions, market data and trade processing. Specifically Volante provides platform agnostic solutions for data management and complex messaging.
ICI/ADP will use Volante's products extensively for data management and message processing, beyond the current project. As the fixed income market expands further in the global arena, ICI/ADP will deliver against the demand for integrated trading capabilities handling US and internationally traded instruments. The Volante products will support the delivery of enhanced international clearing of securities, global cash clearing associated with trading activity, and the entrance into new markets. Volante's role will continue for ongoing support. Further, leveraging Volante's products provides ICI/ADP with the ability to speed delivery of product enhancements to its market, cut development costs, and better control connectivity points with clients.