Lupus alpha will use the SWIFT Service Bureau to support its adoption of SWIFT standard-based messaging for its communication with custodians and, as a direct result of this, fully automate their settlement process. ADP Wilcoâs SWIFT Service Bureau will supersede fax-based communication, eliminate manual processing and reduce errors as well as cancellations.
"We are committed to streamlining and opitimising our processes to provide an efficient, high-quality service to our clients," said Matthias Biedenkapp, a senior manager at Lupus alpha. "By using ADP Wilcoâs SWIFT outsourcing service our staff will have more time to focus on process management as we grow our business. Furthermore, SWIFT connectivity will allow us to co-operate faster and more efficiently with our custodians and adopt a more flexible approach to emerging market requirements."
Lupus alpha had considered several other SWIFT service providers and committed to ADP Wilco because of its outsourcing capability. "We did not want to incur the fixed costs associated with hardware and network communication, system back-ups, security requirements and technical developments regarding SWIFT. We wanted to outsource these requirements to a proven service provider," said Biedenkapp. "We selected ADP Wilcoâs outsourcing service because they are a well-established service provider with extensive knowledge of SWIFT. Their service is flexible and provides a broad range of functional coverage that can easily be adjusted to our specific requirements."
Lupus alpha plans to use the SWIFT-based communication with all of its custodian banks by the end of 2005. Afterwards, the investment company plans to introduce SWIFT-based communications with its brokers.
Through ADP Wilcoâs online access service to the WM Datenservice database, Lupus alpha will benefit from continuous access to securities data for their back office processing requirements.