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ADP ANNOUNCES IMPLEMENTATION OF ITS BACK OFFICE PLATFORM BY E*TRADE FINANCIAL. New System Drives Down Clearing and Execution Costs
New York, NY - October 11, 2004 - ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), today announced that E*TRADE FINANCIAL Corporation (NYSE: ET) has gone live with its 10-year agreement to outsource its brokerage transaction processing and regulatory document delivery services to ADP for its registered broker dealer subsidiaries.
As part of this long-term agreement, brokerage back office books and records systems have been converted to ADP Brokerage Processing Services (BPS). ADP's Tarot system is already in use at the E*TRADE UK office for international transaction processing. In addition, ADP will provide regulatory document delivery services as well as new account processing of paper applications. ADP's system replaced existing proprietary and vendor systems.
"Our relationship with E*TRADE FINANCIAL is indicative of our commitment to be a full service provider with an array of services that cover the entire life cycle of the brokerage business," said John Hogan, co-President, ADP Brokerage Services Group. Hogan added, "We are proud that E*TRADE FINANCIAL chose us to provide these services."
The BPS system is streamlined for beginning to end integration and ease-of-use. Once a brokerage account is opened, the client information feeds directly into the BPS name and address system. E*TRADE FINANCIAL will also have real-time access to BPS' relational database for account information and the creation of customized reports on behalf of its broker/dealer subsidiaries.
In addition, ADP is distributing broker/dealer confirmations and statements through its PostEdge® platform. PostEdge enables the delivery of these investor documents either electronically or by traditional mail, depending on the preference of the customer. E*TRADE Securities currently outsources its proxy business to ADP.
"We are delighted with the seamless conversion process," said Joshua S. Levine, Chief Technology Officer, E*TRADE FINANCIAL. "ADP's conversion team has worked with us every step of the way to make this process invisible to our customers and painless for our employees. ADP's platform should yield cost savings while allowing for the centralization of our securities processing and regulatory document delivery with a single vendor."
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