ADP to Provide CU Fixed Income Trading, CD Support for Multi-Bank Securities
NEW YORK - Multi-Bank Securities, Inc. has signed a deal with ADP Clearing & Outsourcing Services, Inc. to support its institutional fixed-income trading and CD underwriting for credit unions. "When we lost our clearing provider, ADP Clearing's staff stepped in and seamlessly transitioned us to its platform in one week," said Mike Drews, president, Michigan-based Multi-Bank Securities. "The staff's rapid response and turnaround time during a distressed period showed real dedication to their clients and secured our confidence in them. They really understand the institutional fixed-income side of the business and we are excited to work with such a committed organization." Another key factor in choosing ADP Clearing was its "gateway to an array of complementary business solutions" including offering some of ADP Employer Services' products, such as retirement plans and human resources services to their credit union clientele, Multi-Bank said. ADP Clearing President Joe Barra said the company is "excited to bring Multi-Bank Securities a business solution that will help them achieve their financial goals." ADP Clearing is a division of Automatic Data Processing, Inc. ADP Brokerage Services is a provider of transaction processing systems, desktop productivity applications, and investor communication services to the financial services industry.