ADP adds money market fund tiering to accounting system

Source: ADP Brokerage Services Group

ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today the addition of Money Market Fund Tiering to its Brokerage Processing Services (BPS) Shareholder Accounting System. Money Market Fund Tiering allows clients to calculate accruals on their customer accounts using adjusted money market rates. Clients of the Shareholder Accounting System can define their own tier rate increments to support their business objectives.

Tiering offers customers the opportunity to earn a higher interest rate on a current balance using specified tier levels. As customers accrue dividends in their accounts and increase their position levels, a money market fund rate adjustment is applied to the daily rate. The rate adjustment is determined by the applicable tier level that corresponds with the customer's position.

"Our mission is to ensure that our clients have the most competitive tools and resources to run their businesses effectively," said Marianne Brown, Senior Vice President and General Manager, ADP Brokerage Processing Services. "This capability adds even more depth to our service offering and enables our clients to offer their customers the opportunity to grow their balances at optimum rates. Clients looking to incorporate tiering into their business plan will be equipped with a solution that delivers exceptional service to their customers."

ADP's Brokerage Processing Service supports real-time processing of North American equities, options, mutual funds and fixed-income securities. BPS handles everything from order management to clearance and settlement, regulatory reporting and other back office requirements.

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