StockCross Financial Services, Inc. Signs Outsourcing Agreement With ADP for Back Office Processing
NEW YORK, New York -- October 17, 2006 -- ADP Brokerage Services Group (ADP) announced today that StockCross Financial Services, Inc. has selected ADP as its Brokerage Processing Services (BPS) back-office solution. ADP Brokerage Services Group is a division of Automatic Data Processing, Inc. (NYSE: ADP).
By strategically partnering with ADP, StockCross will be able to expand and solidify its already strong presence. Additionally, since the executive team of StockCross had prior experience with ADP systems, BPS was the clear choice in improving operating efficiencies and quality, offering a wider breadth of products to retail clients -- while being able to increase customer satisfaction.
Brokerage Processing Services (BPS) is ADP’s back-office processing system, supporting real-time processing of North American equities, options, mutual funds and fixed-income securities. BPS handles everything from order management to clearance and settlement, and ensures that all regulatory reporting and other back-office requirements are covered.
As one of the nation’s oldest discount brokers, StockCross is dedicated to the belief that customer satisfaction is its Number one priority. Quality customer service has made customer referrals their number one source for new accounts. In addition to offering one of the lowest discount commission schedules in the industry, StockCross provides a variety of investment products and value added services to make asset consolidation more convenient.
“With most of our executive management having had positive experiences with ADP systems, ADP is a natural choice,” said Andrew Reich, CEO, StockCross Financial Services, Inc. “Their focus on quality and strong commitment to World Class service aligns seamlessly with our values.”
“Both ADP and StockCross are firms that are equally passionate about growth and quality client service. We are delighted to welcome StockCross to the ADP family,” commented Charlie Marchesani, General Manager, ADP Brokerage Processing Services.
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 brings to financial intermediaries advanced, integrated systems for securities processing, desktop productivity and investor communication services, all focused on providing solutions for straight through processing and World Class Service.
ADP, with $9.0 billion in revenues and more than 570,000 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, please visit www.adp.com.
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