Toronto, Ontario - May 5, 2003 - ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today that Scotia Trust, a division of The Bank of Nova Scotia has installed ADP's Trust System to handle its personal trust accounting requirements. This outsourced solution replaces an in-house system.
ADP Brokerage Services Group in Toronto has been developing the product for over two years and the system went "live" in the first quarter of 2003. The ADP Trust System was added to the existing ADP Brokerage Processing Services (BPS) system to provide consolidation of positions and balances allowing processing of dividend, interest, corporate actions, and settlements to be centralized on a common platform.
The system is browser-based using Websphere(tm) and DB2 technologies to deliver an interactive system incorporating real-time positions and balances, payment scheduling, diaries, transaction history and statement generation. The system was built using easily modified tables designed to allow the system to be customized for each client and to keep pace with industry regulations.
Michael Dignam, senior vice president and general manager of ADP Brokerage Processing Services, Canada commented, "We are extremely proud of this new system and of our product specialists and developers. Working closely in hand with Scotia Trust, we have provided a state-of-the-art system that truly improves the trust accounting world. We are very pleased that Scotia chose us to provide this system and the opportunity to demonstrate ADP's abilities in delivering system solutions to our customers' needs."
"ScotiaTrust is delighted to have participated in the implementation of this product. This implementation has allowed us to provide a significantly improved product delivery to our users and clients, and increased operational efficiencies to our support operations," commented Norm Graham, senior vice president at Scotia Capital.