WestLB goes live with ADP's TradeThru in New York and Düssledorf
12 January 2004 | 591 views | 0
ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today that WestLB New York and Düsseldorf are live with ADP/OMR's TradeThru ASP solution for foreign exchange and money market processing.
TradeThru was rolled out to WestLB New York and Düsseldorf following the successful implementation at WestLB AG in London. They are the second and third sites to go live with the system. "The system has very strong processing capabilities and was easy to interface to our systems. This, coupled with the expertise and dedication of the ADP support staff, helped us achieve a 70% cost reduction," said Lawrence McLaughlin, Managing Director Back Office for WestLB AG, in London. "ADP's ASP solution increased our STP rate and streamlined our back office processes," he added.
Clarke Gray, General Manager of ADP/OMR commented, "We are excited to roll out our ASP solution to other divisions of WestLB," said Clarke Gray. "Our advanced technology and expertise in serving financial institutions with back office solutions allows us to deliver the capabilities our clients need to stay one step ahead of the competition. We are pleased WestLB has chosen us to support their growing business."
TradeThru delivers fully automated front to back office functions throughout the lifecycle of a trade, starting with fast and flexible deal capture, portfolio and risk management functions, all the way through to trade processing, confirmation, and settlement. Available as a license or an outsourcing solution, TradeThru is used by many of the world's top financial firms.
In addition to using TradeThru in an ASP environment, WestLB uses ADP Wilco's Gloss for international trade processing. WestLB also employs ICI/ADP's impact and ADP's Brokerage Processing Services (BPS) for its North American fixed income and equities processing. It also uses the ADP Investor Communications Services division to handle confirmations and statement distribution and prospectus delivery as well as proxy and reorg solutions.