Automatic Data Processing subsidiary ADP Wilco has launched a SWIFT Service Bureau for banks, brokers, fund managers and any corporate participants in SWIFT-authorised Member-Administered Closed User Groups (MA-CUGs) in the UK. The service provides access to the SWIFT network for the full range of SWIFT messages including securities, treasury, derivatives, payments and cash management.
ADP Wilco says the service can handle the SWIFT messaging requirements of both buy- and sell-side financial institutions, corporate users and MA-CUGs. “The SWIFT Service Bureau enables our customers to benefit from quick access to the SWIFT network, inexpensive processing costs and a professional, well managed approach to market changes such as SWIFTNet Phase 2,” says said Tom Carey, Chief Operating Officer, ADP Wilco. “This is the latest example of our commitment to invest and extend this service for use in other regions.”
Users of the SWIFT Service Bureau will also benefit from ADP Wilco’s SWIFT Transaction Manager, a web-based workflow feature that aims to help users manage and control the processing cycle of their messages, says ADP Wilco. They can also use this feature to create, release and re-route messages. Users without knowledge of SWIFT formats can input messages in any format which can then be transformed automatically into the appropriate SWIFT format.
ADP Wilco already has well-established SWIFT bureau services in Germany and Switzerland.