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Multi-Bank Securities selects ADP clearing and settlement services

17 January 2006  |  1269 views  |  0 Source: ADP

ADP Clearing & Outsourcing Services, Inc. (ADP Clearing), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced it has been selected by Multi-Bank Securities, Inc. to clear its fully disclosed business.

Multi-Bank signed a long term contract with ADP Clearing to support its institutional fixed-income trading and CD underwriting for credit unions.

Multi-Bank Securities, headquartered in Michigan, chose ADP Clearing to provide a full range of clearing and settlement services. The company chose ADP Clearing due to its financial stability and extensive product line.

"We were very impressed with ADP Clearing's ability to meet our needs with such agility and flexibility," said Mike Drews, President, Multi-Bank Securities, Inc. "When we lost our clearing provider, ADP Clearing’s staff stepped in and seamlessly transitioned us to its platform in one week. The staff's rapid response and turnaround time during a distressed period showed real dedication to their clients and secured our confidence in them. They really understand the institutional fixed-income side of the business and we are excited to work with such a committed organization."

Another key factor in choosing ADP Clearing was its gateway to an array of complementary business solutions. With such a comprehensive list of products and services, Multi-Bank Securities can now leverage its relationship with ADP Clearing to offer some of ADP Employer Services' products, such as retirement plans and human resources services, to their credit union clientele.

"Providing prestigious clients, such as Multi-Bank Securities, with an industry leading brokerage platform to help them stay ahead of the competition solidifies our commitment to our clients and the correspondent clearing marketplace," commented Joe Barra, President, ADP Clearing. "We are excited to bring Multi-Bank Securities a business solution that will help them achieve their financial goals."

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