I'd also like to increase the INTF position by 50 shares and average up.
bsg.adp.com
ADP BSG Moves Financial Institutions Closer to T+1 with Electronic Delivery of Trade Confirmations
NEW YORK ? October 12, 1999 ? ADP Brokerages Services Group (ADP BSG) a division of Automatic Data Processing, Inc. (NYSE: AUD), announced today the launch of its new electronic trade confirmation component of its state-of-the-art PostEdgesm suite of products. PostEdge is the first platform that provides financial institutions with the ability to direct the distribution of shareholder communications by each investor's individual preference.
ADP clients can now provide investors with the choice of receiving account information and communications via a standard print/mail stream or via electronic delivery - allowing for significant cost-savings, flexibility and reduced turnaround time. Because of ADP's unparalleled competencies in securities transaction processing and investor communications, it is the only vendor capable of offering intelligent electronic information delivery of shareholder communications, with complete print-on-demand back up capabilities. ADP's PostEdge suite also provides electronic delivery of customer statements, annual reports, proxy statements, interim reports, and other customer-specific documentation.
The electronic trade confirmation component allows clients to interface their customers' critical account information with state-of-the-art distribution capabilities so they can electronically transmit trade confirmations via the Internet - greatly reducing delivery time and improving overall customer communications. With ADP's electronic trade confirmation capabilities, investors receive e-mail notifications that confirmation documentation is available. These materials can be retrieved and displayed in either HTML or PDF format. In the event of a failed e-mail notification or if the investor has not viewed the confirmation within a specified time frame, the confirmation is returned to the ADP print stream for traditional processing via the mail.
"ADP is dedicated to leading the way towards complete automation of the back office and the electronic delivery of investor communications to facilitate 24x7 trading and thus a straight-through-processing environment," said Rich Daly, Co-President, ADP Brokerage Services. Today, electronic delivery of trade confirmations opens the door to a new dimension in customer service for brokerages and other financial institutions," continued Daly.
As the leading provider of outsourcing services to the financial services industry, ADP Brokerage Services continuously looks to take advantage of best-of-breed technologies and services to solve its clients' data processing problems. To efficiently deliver electronic trade confirmations, ADP tapped the expertise of Interface Systems, Inc. (NASDAQ: INTF). Interface's Legacy-to-Internet (L2i?) technology acts as the bridge between the ADP mainframe, where the customer information resides, and the client's Internet site, where the information will be accessed. L2i technology allows any Internet application to make full use of the extensive amount of data being stored on a large mainframe processing system, without changing the way the system works. This allows ADP to quickly and easily rollout seamless electronic distribution services to its clients.
ADP's Daly concluded, "Right now, because confirmations are mailed and often-times not received by the customer for several days afterwards, there is a substantial obstacle to the brokerage industry's effort to pursue a T+1 settlement cycle - where confirmations would be received one day after the trade is made. By coupling L2i technology with ADP's electronic notification services, ADP is now able to offer its clients the best current solution and future growth path to make mainframe data quickly and easily available in whatever Internet ready form they desire."
We're pleased we have an opportunity to support ADP in delivering a solution that will keep its clients ahead of the ever-changing financial services marketplace," said Robert Nero, President and CEO of Interface. "With this new adaptation of Interface L2i capabilities, brokerage firms can take advantage of the wealth of information they have stored on mainframe systems and be very competitive in today's e-business world," concluded Nero.
About ADP
As the premier provider of data processing services to the financial industry, ADP has the capacity and technological expertise to assist its clients with differentiating themselves in the marketplace. ADP Brokerage Services Group (ADP BSG) brings to financial intermediaries advanced, integrated systems for transaction processing, desktop productivity and investor communication services, all focused on providing unique solutions for straight through processing and World Class customer service. ADP continually uses technological advancements to develop innovative products that meet the long-term business needs of its clients.
As a leading outsourcing vendor, ADP BSG is leveraging its position to provide competitive, cost-effective services to its clients worldwide. Automatic Data Processing, Inc., with over $5 billion in annual revenues and more than 450,000 clients, is one of the largest independent computing services firms in the world. For more information about ADP Brokerage Services, please visit their web site at www.bsg.adp.com.
About Interface Systems, Inc. Interface System Inc.'s Legacy-to-Internet (L2i?) technology allows any Internet application to make full use of legacy application output. The company specializes in bridging the gap between legacy billing applications and various Internet bill presentment and payment platforms, as well as electronic delivery of statements and other legacy content. Interface helps its customers extend the life, the reach, and the value of their existing information systems. Interface is headquartered in Ann Arbor, Mich., and markets its products worldwide. More information on Interface and its products can be found at www.intface.com.
For more information contact:
Arlene A. Driscoll
Vice President, Marketing Communications
ADP Brokerage Services Group
212-908-5503
driscola@bis.adp.com
Interface Systems: Kathleen Maher
Marketing Manager
Interface Systems
734-769-6900 ext. 1686
kmah@intface.com
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