ADP and Finetre Corporation Join Forces to Offer Automated Annuity Processing
NEW YORK, New York and HERNDON, Virginia -- September 5, 2006 -- ADP Brokerage Services Group, a division of Automatic Data Processing, Inc. (NYSE: ADP), and Finetre Corporation announced today the formation of a strategic relationship to offer an automated annuity processing and compliance management solution for the broker desktop.
As industry leaders in their respective markets, the ADP/Finetre relationship addresses a critical need for both current and prospective clients for automated annuity processing, consistent and speedy compliance with new industry regulations, and more effective business control.
The integration of ADP’s ProVisor® broker desktop application with Finetre’s AnnuityNet Platform will yield a unique advisor desktop featuring not only real-time access to account-level information and online order entry, but also fully automated annuity processing with compliance workflow management and comprehensive tracking and reporting features. ADP clients benefit from an integrated, turnkey solution and Finetre clients benefit from seamless integration with their back office providers -- all resulting in more streamlined operations, increased efficiency, and decreased regulatory risk.
“Finetre, with its patent pending status, is an industry leader in annuity processing. Forming a strategic partnership with them enables ADP to reach the insurance broker/dealer market,” commented Charlie Marchesani, General Manager, ADP Brokerage Processing Services.
“We recognize ADP’s pipeline to the brokerage marketplace, and the added value of tightly integrated desktop solutions. The breadth of functionality in ProVisor combines with the capabilities of our AnnuityNet Platform to offer broker/dealers a high quality, easy to implement annuity business solution,” stated Steve Dunlap, SVP Chief Marketing Officer, Finetre Corporation.
ADP and Finetre are committed to increasing the adoption of electronic annuity processing and compliance in order to improve both the industry itself and the ultimate value received by customers (investors). Only through fully electronic tracking, processing, and reporting can efficiency and compliance be simultaneously optimized.
About ADP Brokerage Services Group
As the premier provider of transaction services to the financial industry, ADP has the capacity and technological expertise to assist its clients in differentiating themselves in the marketplace. ADP presents financial intermediaries advanced and integrated systems for securities processing, desktop productivity and investor communication services, all focusing on providing solutions for straight through processing and World Class Service.
ADP, with over $8 billion in revenues and more than 600,000 clients worldwide, is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. For more information about ADP Brokerage Services Group, please visit www.bsg.adp.com and for other ADP services and investor information, visit www.adp.com.
About Finetre Corporation
Founded in 1997, Finetre Corporation is a Northern Virginia-based software technology firm focusing on transaction processing and compliance automation in the financial services industry. Finetre’s AnnuityNet Platform currently processes approximately 15,000 annuity transactions with a total value of nearly $1.5 billion for more than 20 brokerage firms each month over the Internet. Finetre is privately held by investors including: GE Equity, Lincoln Financial Group, CCP Equity Partners, The Phoenix Companies, Wachovia Insurance Agency, Inc., Ohio National Financial Services, FBR Financial Services Partners, and SunLife Financial.
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