Extends XSP License for Another Three Years
New York, NY, May 9, 2006 – Xcitek®, the leading global provider of market data, Corporate Actions software and consulting services, announced that one of the nation’s largest diversified financial services companies continues to realize return on investment (ROI) with XSP™ and has extended its license of the Corporate Actions software solution for another three years.
A client since 2000, the leading trust bank runs on XSP in conjunction with the web-based eTRAN™ module for the notification and response capture of elections processing to further streamline client communications. In addition, the trust bank has been a long-time subscriber of the award-winning Xcitek Corporate Actions data.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features comprehensive data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitizes 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 and elections via 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.
“Xcitek is proud to have a nationally-recognized leader such as this Trust Bank among our list of clients that count on the XSP system every day to process Corporate Actions," said Frank Piraino, Senior Vice President of XSP Client Relationship Management and Sales Operations at Xcitek. "We remain committed to providing our clients with the powerful tools and solutions necessary to succeed in this competitive marketplace. We look forward to extending our relationship with this Trust Bank and to helping it achieve maximum operational efficiency.”
“It is with great pleasure that we are able to announce another XSP success story,” added Brendan P. Farrell, Jr., Managing Partner at Xcitek. “The extension of this contract further validates our position in this niche area and we are eager to continue providing world-class securities processing solutions that help meet our clients’ challenges and exceed their expectations.”