Source: ADP Wilco
The Corporation of Lloyd's has signed a multi-year outsourcing agreement to use Automatic Data Processing, Inc. (NYSE: ADP) subsidiary ADP Wilco's retail and private client transaction processing platform, Tarot, on a service bureau basis.
The Corporation of Lloyd's has used an on-site version of Tarot to support its Funds at Lloyd's management services to Lloyd's Names since 1999, with Tarot handling the settlement and other market related functions for members' assets held as collateral against their underwriting business. Under the new agreement these processes will be migrated to the Tarot service bureau.
The Tarot service bureau will additionally support remote access for member agents and corporate members; provide extended corporate actions functionality; register members' assets against other members' liabilities; and provide an extended reference data repository.
"Our business case for using the Tarot service bureau is compelling and based on improving and extending our client services while reducing expenses through a variable cost model and mitigating risk," said Karen Oliver, Manager MSU, Corporation of Lloyd's.
"We are proud to welcome the Corporation of Lloyd's to our growing list of service bureau customers, and look forward to working in close partnership to support their current and future business requirements with world class standards of service," said Elizabeth Lake, Chief Executive Officer, ADP Wilco.