Source: ADP Brokerage Services Group
ADP Brokerage Services Group, a division of Automatic Data Processing, Inc. (NYSE:ADP), announced today that UBS Securities LLC has signed a multi-year contract for ADP's Workflow solution.
ADP's Workflow solution will enable UBS Securities to automate the handling and resolution of its Purchase & Sales (P&S) breaks, thereby significantly mitigating risk exposure and reducing operational costs.
ADP's Workflow solution provides an automated, cost-effective alternative for financial firms seeking to improve its exceptions handling process. ADP worked very closely with UBS as a beta client to gather its requirements and help define the system's functionality. Prior to implementing ADP's Workflow, UBS' handling of breaks was a manually intensive process using hard copy reports. With ADP's Workflow solution, UBS will be able to seamlessly manage P&S breaks. It systematically closes out breaks and allows clients to focus on those breaks that require immediate attention.
The system automates exception processing resolution and exception assignment through its user-defined parameter-based business and routing rules. Its intuitive browser-based application and flexible sorting and filtering capabilities enables users to create personalized views. Its robust audit trail increases accountability and enhances productivity. ADP's Workflow contains reports that measure productivity and identifies recurrent sources of operational inefficiency in a firm. This system enables firms to refine its operational "best practices" and introduce more effective event resolution policies and procedures.
"As an ADP beta client, we were able to help design the system and incorporate the functionality necessary to meet our business needs. The system allows us to streamline our exception management process and lower our operating costs," said Damian Dwan, Managing Director, UBS Securities LLC.
"We are delighted to provide UBS with a workflow solution that can help them manage their exception process more effectively," said Lisa Lidsky, Vice President, ADP Brokerage Processing Services. "Since Workflow is tightly integrated with our Brokerage Processing Services (BPS) back office system, UBS benefits from an automated workflow reconciliation and incident resolution process."
ADP has been providing UBS with business solutions for many years. In addition to using ADP's Workflow solution, UBS currently uses BPS for back office processing, PostEdge for the printing, mailing and electronic delivery of investor confirmation services, as well as ADP's proxy management solution.