ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc., has announced that WestLB New York and Düsseldorf have gone 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.
Lawrence McLaughlin, Managing Director Back Office for WestLB AG, in London, commented, “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. ADP’s ASP solution increased our STP rate and streamlined our back office processes.”
“We are excited to roll out our ASP solution to other divisions of WestLB,” said Clarke Gray, General Manager of ADP/OMR. “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, which is available as a license or as an outsourcing solution, delivers fully automated front to back office functions throughout the lifecycle of a trade, starting with deal capture and portfolio and risk management functions, to trade processing, confirmation, and settlement.
In addition to using TradeThru in an ASP environment, WestLB uses ADP Wilco’s GlossSM 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 report solutions.