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ADP Rings NASDAQ Opening Bell Celebrates 75 Years at the Forefront of Payroll & HR Innovation

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Milestone anniversary marks ADP’s enduring impact on the world of work through technological innovation, world-class service and unparalleled expertise bolstered by an industry-leading dataset 

ROSELAND, N.J., June 10, 2024 /PRNewswire/ — ADP®, a leading global technology company providing human capital management (HCM) solutions, marked its 75th anniversary by ringing the NASDAQ MarketSite Opening Bell on Monday, June 10, 2024. The ceremony signified ADP’s longstanding history and meaningful impact in shaping the world of work. Since its inception in 1949, serving one client in New Jersey, to today with more than one million clients worldwide, ADP has always been focused on designing better ways to work.

“We are proud to celebrate 75 years at the forefront of workforce innovation, and we share this achievement with our talented associates and our valued clients who have trusted us to help them achieve their goals,” said Maria Black, president and CEO, ADP. “This milestone validates our deep commitment to innovation and to keeping our clients and their employees at the center of our work, and we will continue to help them thrive as the needs of businesses evolve.”

ADP’s deep workforce dataset, technological innovations and industry expertise propelled the HCM industry through decades of change. ADP pioneered payroll outsourcing and was the first in the industry to deliver automation; the first HCM provider in the cloud; the first to provide a mobile HCM app; the first to create an online HCM app marketplace; and today, is leading HCM innovation with its generative AI solutions.

Building the Next Era of Workforce Technology with Generative AI

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ADP continues to drive advancements through ongoing product enhancements, including generative AI-powered technology. ADP Assist was launched earlier this year as a cross-platform generative AI solution that enhances HR productivity, aids decision-making with data-driven insights, and streamlines day-to-day tasks with simple, natural language conversations.

Strengthened by its unparalleled expertise, ADP’s unmatched HCM dataset is used to train the company’s generative AI tools to anticipate what clients want and need, in order to deliver easy, smart, and human solutions for employers and employees.

Insights in Action: Decoding the Future of Work

Navigating the road ahead requires an understanding of the global trends shaping jobs, talent and technology. As the needs of businesses continue to change, ADP is committed to providing data and insights to help businesses make informed decisions. In the latest study from the ADP Research Institute® (ADP Research), analysis of 35,000 private-sector workers across 18 countries reveals how workers view AI and the role it will play in work over the next few years.

For more information and a deeper dive into the data, visit ADP Research’s Data Lab. This study, along with other data-driven research will be included in Today at Work, Issue 6 due out on June 17, 2024.  

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About ADP (NASDAQ: ADP)

Designing better ways to work through cutting-edge products, premium services and exceptional experiences that enable people to reach their full potential. HR, Talent, Time Management, Benefits and Payroll. Informed by data and designed for people. Learn more at ADP.com

ADP, the ADP logo, and Always Designing for People, are trademarks of ADP, Inc. All other marks are the property of their respective owners.

Copyright © 2024 ADP, Inc.  All rights reserved.

ADP celebrates 75 years at the forefront of payroll & HR innovation.

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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