ADP adds order processing to Swift Service Bureau
14 October 2004 | 466 views | 0
Source: ADP Wilco
ADP Wilco, a subsidiary of Automatic Data Processing, Inc. has announced the addition of an order processing solution to its Germany-based SWIFT Service Bureau.
The solution enables brokers to offer seamless order processing, using the SWIFT network, to their clients such as asset managers and financial advisors. It also enables asset managers to initiate orders through their financial advisors.
The order processing solution provides order entry and capture, execution control, status control and order response mapping in SWIFT ISO 15022 messages which include message types MT502, 509, 513 and 515. It can connect directly with the user firm's trading platform to enable full STP to the point of execution. Orders are validated by the order processing solution prior to execution. Client-facing displays can be fully branded to corporate requirements.
"This new service enables brokers to improve their order processing efficiency and reduce costs, and also facilitates business expansion both through the ability to scale and by improving access for new clients from other geographical regions," says Volker Wombacher, product manager for ADP Wilco's SWIFT Service Bureau. "The service should prove particularly attractive to brokers that administer SWIFT Closed User Groups (CUGs) for their clients."
The ADP Wilco service has already been delivered to a German bank.