ADP Brokerage Services Group has announced that Bank Leumi USA has signed a multi-year agreement for integrated transaction processing and regulatory document delivery services.
Bank Leumi USA, a subsidiary of Bank Leumi le-Israel, is one of the largest banks in Israel, and according to ADP, is aiming to streamline its back office operations. Bank Leumi USA selected Brokerage Processing Services (BPS), ADP’s back office processing system, to handle its securities processing. The BPS platform is a real-time processing system for equities, options, and mutual funds, with automated inquiry, reporting and record keeping services.
In addition to using the BPS platform for transaction processing, Bank Leumi USA chose ADP’s PostEdge(R) suite to distribute confirmations, statements, tax documents, and other investor communications electronically. The system allows for electronic archival and retrieval of investor related documents. In addition to providing Bank Leumi USA with an electronic delivery solution, ADP will provide a standard mail option for customers who prefer to receive paper copies of their shareholder communications.
“We selected ADP because of its comprehensive product suite, price/performance mix and most importantly, its industry knowledge,” Jose Paulucci, executive vice president, said. “Bank Leumi USA saidADP’s product specialists assisted us in a complete overhaul of our back-office. Their industry expertise and customized solutions will enable us to streamline our operations and achieve greater efficiencies.”