MINNEAPOLIS, MN (PRWEB) June 20, 2005 -
Â Ceridian (http://www.myceridian.com), a leader in human resources outsourcing management solutions that help maximize the value of people, announced today that its Retirement Plan Services unit will begin offering its retirement plan administration customers enhanced mutual fund trade automation and processing services.
Ceridian is teaming up with Wayne, Pa.-based SunGard (NYSE:SDS) (http://www.sungard.com) to integrate the SunGard Transaction Network (STN) into its menu of retirement plan administration offerings. STN is an electronic network for automating financial transactions that links plan participants to more than 550 institutional investors and more than 300 mutual fund companies.
Integrated with CeridianÂs existing recordkeeping system, STN will provide seamless routing and execution for trading retirement plan mutual fund assets, along with access to trust, custody and settlement services. STN will also provide a single, automated source for participants using self-directed account (SDA) services. Linking the trading, settlement, reconciliation and income processing functions through STN will help CeridianÂs customers achieve the benefits of operating in a straight-through processing (STP) environment. These benefits include greater operational efficiencies and reduced risk from minimizing the manual effort involved in mutual fund trading for participants.
ÂWe selected SunGardÂs STN to help provide cost-effective, comprehensive functionality for mutual fund trading and processing,Â said Jim Corcoran, president, Ceridian Benefits Solutions. ÂWe are continually looking to help our customers more efficiently deliver benefits to their employees. The automation of STN, combined with its ease of use, will help our plan sponsor clients provide a better retirement plan offering to their employees.Â
Todd Moyer, senior vice president of SunGardÂs STN said, ÂUsing STN, Ceridian can now access the tools and services needed to streamline its plan administration and recordkeeping process through a single connection. This comprehensive solution will help Ceridian to increase operational efficiencies and support larger trading volumes, while helping to reduce the cost and risk associated with manual order processing and plan reconciliation.Â
STN will also help Ceridian's clients to efficiently and cost-effectively trade National Securities Clearing Corporation (NSCC) funds and non-NSCC funds and maintain and support individual connections.
Ceridian will begin offering STN to its customers in the third quarter of 2005.
The SunGard Transaction Network (STN) links institutions throughout the financial services value chain to provide automated processing for a variety of security types, including US and foreign equities, fixed income, mutual funds, money market funds, certificates of deposit and commercial paper. Integrated with SunGard and third-party provider systems, STN provides access to tools and resources for proactively managing the end-to-end trade process. From price discovery to order execution to post-trade processing, STN automates the transaction lifecycle to help institutions increase operational efficiency, reduce costs and mitigate trade-related risk.
SunGard is a global leader in integrated software and processing solutions, primarily for financial services and higher education. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the worldÂs 50 largest financial services companies. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenue of $3 billion. Visit SunGard at http://www.sungard.com.
Brokerage products and services offered by STN are provided by SunGard Institutional Brokerage Inc., member NASD/SIPC.
Trademark Information: SunGard, the SunGard logo and STN are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
Ceridian is changing the world of work by enabling companies to be free to succeed in their core business through its suite of innovative managed human resource solutions that include payroll and compensation, staffing, compliance, HR administration and employee effectiveness. Ceridian Corporation (NYSE: CEN) is an information services company serving businesses and employees in the United States, Canada and Europe. For more information about Ceridian's comprehensive array of human resource solutions, visit http://www.myceridian.com or call (800) 729-7655.