ADP Brokerage Services says WestLB AG has achieved significant cost and risk reductions by using its outsourcing platforms for international treasury and debt instrument processing.
WestLB AG commenced live operations on ADP/OMR’s TradeThruTM solution for its treasury processing, and ADP Wilco’s GlossSM solution for international debt instruments, in the final quarter of 2002. “By outsourcing to ADP, we have gained a substantial operational cost saving for the processes handled by TradeThru and Gloss,” says Lawrence McLaughlin, Managing Director Back Office for WestLB AG, in London. “We have also benefited from a significant reduction in settlement risk as a result of operational efficiency improvements.”
“We are proud to have delivered cost and risk benefits for WestLB AG,” adds John Hogan, co-President, ADP Brokerage Services Group. “We are fully committed to delivering the highest levels of value to our customers on a global basis,” continued Hogan.
ADP says TradeThru delivers fully automated front to back office functions throughout the lifecycle of a trade, starting with deal capture, portfolio and risk management functions, through to trade processing, confirmation, and settlement. Gloss provides global transaction processing and international market connectivity for equities and debt instruments.
WestLB AG also employs ICI/ADP’s impact and ADP’s Brokerage Processing Services (BPS) solutions for its North American fixed income and equities processing respectively. It also uses the ADP Investor Communication Services division to handle confirmations, statement distribution, and prospectus delivery as well as proxy and reorg solutions.