ADP Wilco has signed Frankfurt investment management firm Lupus alpha to its Germany-based Swift service bureau.
The service will be used to automate Swift message processing and will replace fax-based systems at Lupus. The firm has also signed up to ADP Wilco's online access service to the WM Datenservice German securities reference database.
Commenting on the hosted service, Matthias Biedenkapp, a senior manager at Lupus alpha, says: "We did not want to incur the fixed costs associated with hardware and network communication, system back-ups, security requirements and technical developments regarding Swift. We wanted to outsource these requirements to a proven service provider."
Lupus plans to use Swift-based communication with all of its custodian banks by the end of 2005.