ADP Brokerage Services Group, a division of Automatic Data Processing, Inc., has added Waterfall processing capabilities to its Brokerage Processing Services (BPS) Shareholder Accounting System.
The combination of waterfall processing and money market fund tiring will enable ADP’s clients’ investors to choose from various money market sweep products and define the maximum share amount per fund to be purchased.
“We strived to view the accounting system from the perspective of our clients and by doing so we realized the value waterfall processing would bring to our clients’ customers,” said Charles Marchesani, general manager, Brokerage Processing Services.
The Shareholder Accounting System allows dividends to accrue on a daily basis for all accounts with positions in money market funds for the period of time between monthly dividend postings. And the waterfall processing capability allows clients to offer end investors a diversified sweep money fund product.
Clients will be able to define up to five additional money market sweep funds for purchase at the fund level.