Wilco International, a subsidiary of Automatic Data Processing, Inc. (NYSE:ADP), has announced that La Caja de Ahorros y Pensiones de Barcelona (la Caixa) has commenced live operations on its Gloss solution for securities and corporate actions processing.
La Caixa, Spain's largest savings bank, is using Gloss in Barcelona for centralised retail and institutional equities and corporate actions processing for cross-border operations.
Gloss enables la Caixa to benefit from high levels of STP. All stages of processing are automated by Gloss, from trade capture and enrichment, through confirmation, position management and two-way settlement processing.
For corporate actions processing, la Caixa is using the Gloss system's integrated corporate actions module to increase control of its corporate actions operations and minimise the risk associated with complex corporate actions. In addition, enhanced functionality is being developed in conjunction with la Caixa and will be implemented in subsequent phases. Gloss currently handles the processing lifecycle for a range of corporate actions events at la Caixa.
To ensure control of STP workflow and minimise operational risk, la Caixa is using STP Explorer, Wilco's real-time exception management system. STP Explorer proactively alerts users to business exceptions and provides users with tools for dynamic investigation, repair and resubmission of transactions.
Lluis Herman, Systems Director at la Caixa, said: "Wilco has delivered a quality platform that puts la Caixa at the forefront of STP in the Spanish markets, and enables cost-effective business grow while minimising risk."
"We are proud and privileged to welcome la Caixa as our first domestic Spanish customer. Our implementations demonstrate the very high return on investment that we are able to deliver for firms seeking to increase STP throughout Spain," said Paul Thomas, Managing Director, ADP Brokerage Services Group International Sales.
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