This new alliance will provide ADP clients with state-of-the-art commission and compliance software that will interface directly with ADP’s transaction processing systems. In addition, ADP will host Xtiva’s applications in its state-of-the-art data center in Jersey City, New Jersey.
"We are extremely pleased to announce this strategic alliance," said John Hogan, Co-President of ADP Brokerage Services Group. "As a partner with our clients, ADP is always looking for ways to make our clients more competitive in the marketplace. Xtiva’s products enhance the value that our brokerage clients bring to their registered representatives enabling them to spend more time gathering assets and generating business, while simultaneously delivering operating efficiencies to the firm."
The Xtiva product line enables financial services companies to significantly automate and streamline calculating and paying sales compensation for registered representatives while offering point-and-click control for configuring the most complex payment arrangements. Additionally, the Xtiva payment engine will interface with ADP's payroll system for automatic payment to sales personnel.
"The fact that ADP, an industry leader, has made this investment in our firm shows their belief in our products, our employees and our ability to deliver world class software applications," said William Lieberman and James Iacabucci, Co-Chief Executive Officers of Xtiva. "With ADP’s resources, this alliance gives Xtiva the ability to further enhance its product line, market penetration and quality of service to its broker/dealer clients throughout the U.S. We are all looking forward to building our ASP model and rapidly growing our client base with ADP."