Financial Institutions Complete ADP's Y2K Testing for Four Critical Datesgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Monday May 3, 11:54 am Eastern Time
Company Press Release
Financial Institutions Complete ADP's Y2K Testing for Four Critical Dates
Participants in ADP's Keep America Paid Program
Successfully Transmit End-to-End Payroll Process
in Y2K Environment
ROSELAND, N.J.--(BUSINESS WIRE)--May 3, 1999--Automatic Data Processing, Inc. (ADP (R)), the world's largest provider of payroll and related services, today announced that ADP clients and financial institutions participating in its Year 2000 (Y2K) end-to-end payroll processing program, Keep America Paid, have successfully completed testing for four critical dates. ADP created the testing program to ensure successful transmission of payroll data between ADP and participating financial institutions, starting from data input through check and direct deposit postings.
Launched in January 1999, Keep America Paid was created to help financial institutions respond to a directive from the Federal Financial Institutions Examination Council (FFIEC), an interagency body that oversees Y2K progress for more than 20,000 member banks. The directive required these regulated financial institutions to prove their Y2K readiness with third-party providers by spring 1999. ADP was the first payroll service provider to step up and lead the Y2K testing effort nationwide. Joining forces with financial institutions, the Keep America Paid program tested selected ADP clients' PCs, operating systems and applications in a date-synchronized Y2K environment for critical processing dates.
``The Year 2000 has been a strategic priority at ADP since 1995 and will continue to be as we enter the homestretch of this challenge. We have consistently imposed the highest standards, best practice methodologies and strict timelines to ensure our systems, suppliers and clients are compliant,'' said Gary Butler, president and chief operating officer, ADP. ``With Keep America Paid, ADP is once again validating its Y2K compliance to reassure America's workforce that their paychecks will be honored on the first payday of January 2000 and thereafter.''The four dates tested at this point include: -- December 31, 1999 - which marks the crossing of the new year, with a January 3 pay date; -- January 10 - the first date to require a seven digit field; -- February 29 - leap year; and -- October 10, 2000 - the first date to require an eight-digit field. -0-
Currently, every participant has been able to transmit payroll, receive download files and validate paychecks. In addition, all participating banks have successfully processed direct deposits for these dates.
Completion of Keep America Paid is expected by mid-May with final testing of year-end W-2 document processing.
As part of its Y2K testing process, The Chase Manhattan Bank, the largest processor of automated clearinghouse payments, including direct deposit of payroll, is one of the participants in ADP's Keep America Paid testing program.
``Chase has an extremely active Year 2000 preparedness program,'' said Frank Tufano, vice president, product and market development, Chase Treasury Solutions, The Chase Manhattan Bank. ``As part of our overall efforts, we were pleased to work with ADP to test Chase's ability to accept and process ADP payroll files on behalf of our customers.''
All of ADP's clients, as well as financial institutions, can reap the rewards of ADP's Keep America Paid program. The test results, requirements document, test scripts and an executive summary document will be posted on ADP's Web site (www.adp.com) by June 15. Additionally, the information will be produced and made available on a CD-ROM.
ADP (NYSE:AUD - news), is one of the largest independent computing services firms in the world with more than $5 billion in revenues and more than 425,000 clients. ADP provides computerized transaction processing, data communications, software, and information services to companies in virtually every industry. ADP Employer Services is the world's largest provider of payroll services and human resource administration systems. It offers a comprehensive range of benefits, payroll and business tax deposit and reporting, time and labor management, unemployment compensation management, and retirement plan services.
In addition, ADP provides securities transaction processing and investor communications services to the brokerage and financial communities; industry-specific computing and consulting services to auto and truck dealers; and computerized, automated auto-repair estimating and auto parts availability services to the auto-repair industry.
For more information about ADP, or to contact a local ADP sales office, reach us at 1-800-225-5237, Extension 5091 or visit our Web site at www.adp.com
-- Hoffmeister (email@example.com), May 03, 1999
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-- chuck, a Night Driver (firstname.lastname@example.org), May 03, 1999.