London UK, 9 September 2004 – XcitekSolutionsPlus, the leading provider of corporate actions automation, is pleased to announce that its flagship software solution, XSP™, has been accredited with the Gold Label in all three industry sectors – Asset Management, Broker/Dealers, and Custodians. Organised by CityCompass, an independent facilitator of contemporary issues in financial services, the results of the B.I.S.S. (Benchmarking of International Systems and Services) Corporate Actions Systems & Information Services analysis revealed XcitekSolutionsPlus taking top honours based on various Business Requirements, Technical Functionality, and System Maturity standards set by the eight-member panel of corporate actions experts and Bloor Research.
XSP is SWIFT ISO 15022 compliant and features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilising its powerful rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitises data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications through its web-based module, eTRAN™, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Andrew Chilcott, Analyst at Bloor Research, says, "It is no wonder that XcitekSolutionsPlus led the pack in this benchmark as they have unrivalled knowledge and history in the data business and produced a standard that the rest must follow."
Gary Wright, Managing Director of CityCompass and creator of the benchmarking, says, "This year’s results from XcitekSolutionsPlus follow on from last year’s strong showing and underline that their system is the best all-round system for corporate actions in all sectors. We are pleased that they have achieved the new Gold label status that proves to the buyers that their system functionality has been proved by both the CityCompass industry user panel and an independent analyst."
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, "This benchmarking exercise was a unique opportunity for all vendors claiming to have a corporate actions solution to put their system to the test and answer the tough questions voiced by industry experts, peers, and clients. We have always been confident of our solution and currently have over 45 client implementations to support it. Benchmarking corporate actions systems is a huge undertaking and thus requires careful scrutiny when performing independent vendor reviews to ensure valid and accurate assessments of each system. We look forward to others taking on this challenge of trying to benchmark corporate actions systems."