ADP Wilco, a subsidiary of Automatic Data Processing, Inc. (NYSE: ADP), has announced the upgrade of its CHESS interface which provides two-way connectivity with the Australian Stock Exchange (ASX) clearing and settlement service CHESS (Clearing House Electronic Subregister System).
The ADP Wilco upgrade meets the new requirements for Release 6 of the ASX's CHESS service, and has gained early accreditation from the exchange for this achievement.
The CHESS interface is provided as an integrated module of ADP Wilco's Australian transaction processing system, SUMMIT.
The ADP Wilco interface supports the new operational processing that is available through Release 6 of the ASX CHESS service, including support for Derivative Clearing Participants and Warrant Issuers. Participants will also be able to pay and receive secure electronic payments through CHESS. The upgraded interface also supports mandatory changes that are to be implemented through Release 6 of the ASX service.
Jessie Pak, Managing Director Asia Pacific, ADP Wilco, said: "SUMMIT's new functionality has opened up CHESS access to new user groups. The changes that we have incorporated in SUMMIT’s CHESS functionality have been achieved through close co-operation with our customers and the ASX, and we are very pleased with our fast-track response for this new market requirement."