New York, NY - August 20, 2001 - ADP Investor Communication Services (ADP ICS), a division of Automatic Data Processing's (NYSE: ADP) Brokerage Services Group, announced today that Investec Ernst & Company signed a multi-year agreement to utilize ADP’s automated new account opening, scanning and imaging process. Investec will be one of the first clients using ADP’s new browser-based data entry system, creating a STP environment before a financial advisor even concludes an investor’s initial call.
New Accounts Processing is one of the newest automated ADP services that offers a timesaving and cost-efficient alternative to manual work methods, and supports firms as they prepare for T+1. Forms, applications, welcome kits, customer agreements and other documents are electronically scanned for distribution and storage, and vital customer information is automatically extracted and transmitted to update the firm’s name and address system. With Investec’s unique setup of a front-end data entry system, financial advisors complete applications on-line rather than on paper. This automation replaces the extra step of keying in handwritten information, saving time and labor expenses. Document duplication and handling by multiple points of contact is eliminated in this electronic model, significantly reducing the cost of the entire workflow. Additionally, Investec will benefit from effortless tracking, convenient image retrieval from any Intranet-connected desktop, and the opportunity to focus their human resources on activities that help grow their business.
"Investec has a history of embracing cutting-edge technologies to improve operations and better serve our clients, and we realized it was time to move away from a paper and labor intensive process," says John Sergio, Chief Compliance Officer. "ADP’s products incorporate emerging technologies to keep up with the industry’s changing needs, and is why we’ve continually called on them for business solutions for nearly thirty years."
As part of the service agreement, ADP will electronically archive Investec’s library of approximately 1 million new account related documents. This will allow financial advisors to access information quickly, no matter how dated an account may be.
"Automated new accounts processing is founded on advanced imaging and workflow technologies that help ADP provide its clients with a straight through processing environment" says Gerard Scavelli, Senior Vice President, Investor Communication Services. "The combination of automation and our extensive resources will benefit Investec not only financially, but will allow them to easily handle spikes in new account activity that would have been difficult under their manual process."