New York, NY, April 26, 2004 – XcitekSolutionsPlus, the leading provider of corporate actions automation, announced today that Daiwa Securities America Inc. has gone live with the XSP™ software application to automate its corporate actions processing. The implementation, which was targeted for completion in 60 days, was fully executed into a live production environment at Daiwa within 30 days – making it the shortest implementation project by XSP thus far.
XSP can substantially reduce the risk associated with processing corporate actions through complete automation. From the capture of data, event notification, and response tracking through the processing of entitlements, XSP allows the user to manage the corporate actions process and monitor exceptions.
Daiwa was in search of a solution that offered the benefits of reduced exposure while preparing for future volume increases. XSP was selected because of its leading position in the marketplace and successful implementation track record. In addition to the XSP software application, Daiwa also licensed Xcitek’s award-winning corporate action data.
Nicholas C. Rubino, Senior Vice President and Director of Operations at Daiwa Securities America Inc., commented, "We are extremely pleased with the quick implementation of XSP into a live environment in just 30 days. They have far exceeded our expectations in delivering such a robust corporate actions solution to Daiwa in a short timeframe. Their expertise in corporate actions along with the professionalism of the entire XSP staff clearly shows the strength of the company and its commitment to the business. The extraordinary joint efforts of the professionals at both firms made this accomplishment possible."
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, "We are truly delighted with the overall implementation of this project. This is a highly significant achievement for both Daiwa Securities America and XcitekSolutionsPlus. Automating corporate actions with a solid and proven solution like XSP will help Daiwa to manage a greater volume of trades while reducing operational risk. Thanks to the hardworking teams at Daiwa and XcitekSolutionsPlus, we are able to announce the success of this latest project and look forward to similar announcements in the future."