Sampo, a leading Finland-based bank, looked for ADP to provide business process outsourcing (BPO) services for both its system and trade processing personnel. At the core of the BPO foundation is TradeThru(tm), a leading front-to-back office trade processing system for treasury and capital market products. Trades are sent electronically from Sampo's headquarters in Helsinki to ADP's state-of-the-art data center, where they are processed using TradeThru's unique straight through processing (STP) capabilities. As part of the service Sampo receives confirmations via mail, fax and SWIFT, confirmation matching, SWIFT payment processing, static data maintenance, complete process monitoring, and full incident resolution. With ADP's business process outsourcing platform, Sampo Bank is achieving an STP rate in excess of 97%.
"We selected ADP/OMR because of the strength of the TradeThru product and the company's track record of delivering quality services," said Reijo Jokelainen, SVP and Head of Operations at Sampo. "It is a big step for a bank to outsource its operations, and it was important for us that ADP is an independent provider, not another bank. Their 'AAA' rating and years of outsourcing experience were important factors in our choice," he added.
Clarke Gray, General Manager of ADP/OMR commented, "We are extremely excited about providing Sampo with our business process outsourcing service. Full operational outsourcing is an idea whose time is now. Banks can leverage ADP's strengths, take advantage of our variable cost model, and focus on their core competencies."
TradeThru is a multi-product, multi-entity, and multi-currency straight through trade processing solution for treasury and derivatives products. The TradeThru system delivers fully automated front to back office functions throughout the lifecycle of a trade, starting with fast and flexible deal capture, portfolio and risk management functions, through to trade processing, confirmation, and settlement. TradeThru is used by many of the world's leading financial firms.