A world leader in investment, brokerage and real-time settlement systems, ADP Inc has decided to make the Indian subsidiary a hub for future product development activities, including developing mainframes on investment banking and global settlement system or Gloss-based future brokerage settlement products for the global market.
ADP Wilco managing director, Shakti Sagar, said: ADP Inc sees India is the best sourcing centre in terms of quality, productivity and cost-effectiveness and accordingly decides to concede more responsibility to the Indian operations to serve its global clients.
The Indian centre could prove to be a strategic destination for ADPs worldwide operations with its capabilities and ability to produce best-of-breed investment banking and brokerage settlement products and solutions, Mr Sagar said.
ADP Wilco having proved to be a successful and competitive product development centre for few of its products, ADP Inc has moved the entire Gloss-based brokerage and investment banking products and solutions to India.
Apart from full-fledged activities on the flagship product development, ADP Wilco will take care of tier-I, II and III activities, including developing tools, platforms, back-end and real-time settlement systems, Mr Sagar said further.
The Indian operation is also developing a unified, single-version of all existing Gloss-based products and services to enable ADPs world-wide clients to run on a most-advanced technology version to benefit immensely, Mr Sagar explained.
Further, ADP Inc has decided to shift some future financial services including master security database (MSD) and international settlement processing (ISP) from New York to ADP Wilco in India. The company is in the process of recruiting another 40 people in the next few months to take the overall total to 450 in India. Currently, there are over 400 professionals in its Indian operations, he said.