LONDON, 27 May 2004: COR STP Solutions, a division of COR Financial Solutions,
and XcitekSolutionsPlus have joined forces to offer the award winning Salerio e2e STP platform integrated with the market leading XSP™ corporate actions
processing solutions to form the strongest and most complete global STP solution
available in the market today.
Under the terms of the Agreement, both companies will work together in offering each other's solutions to their respective asset management and outsource provider customer bases worldwide and will also be jointly offering the integrated solution to new customers.
The combination of the two systems, both well known and well established
solutions in their own right, is seen as providing unrivalled benefits to customers. The integration, workflow and central exception management capabilities of Salerio e2e in combination with the highly sophisticated corporate actions processing capabilities of XSP means greater optimisation of operational efficiency and further minimisation of operational
risk and thus reduced middle and back-office costs.
Salerio e2e is unique in being the only STP application available that is specifically designed for investment managers that can be implemented as a standard application. It offers a truly integrated approach to transaction process management across all instrument types, including notification, confirmation, settlement and reconciliation. Operational efficiencies
are maximised through prioritised, exception-based workflows. With the integration of XSP, the process can now be extended to encompass the widest range of trade management and business process functionality.
XSP is the most widely-implemented corporate actions solution available in the market today. This robust software application manages the entire corporate actions process, leveraging its extensive workflow module, beginning with the data capture and sanitisation of vendor feeds. XSP notifies all affected account holders notification via multiple media, including email and SWIFT. XSP also facilitates corporate actions event response capture through its web-based module, eTRAN™, and entitlement processing into back-office systems, creating a complete corporate actions lifecycle.
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, "We are delighted to form this strategic alliance with COR STP Solutions. The combined synergies of Salerio e2e and XSP offer a state-of-the-art solution to institutions moving closer to STP. Joining forces with a renowned STP leader like COR allows us to further penetrate the market with a more robust corporate actions system to meet the needs of our growing client base."
Lee Runciman, Chief Operating Officer of COR STP Solutions said, "We are very excited about the opportunities that this joint offering presents to both parties. When we decided to join forces with a corporate actions event processing vendor, our primary objectives were to pinpoint a solution that was closely aligned to the Salerio e2e technical architecture, supported by an organisation with a close cultural fit to that of COR-STPS. With XcitekSolutionsPlus and its XSP product, we were delighted in satisfying our aims and now look forward to working closely together in the future."
Chris Brooke, Business development Director of COR Financial Solutions, said: "this deal takes STP to another level. We took the decision last year to combine Salerio e2e with a corporate action solution rather than build our own. In XSP, we saw not only the market leader in their space, but also the most technically advanced and functionally rich corporate actions solution available today. Given COR’s significant US and European operations, their Global presence was also a key factor for us."