London, UK, 15 May 2006 – Xcitek®, the leading global provider of Corporate Actions software, market data and consulting services, announced today that a major asset manager based in Frankfurt has licensed the XSP™ software solution to automate its Corporate Actions processing. This new licence, which complements an existing XSP account, represents its first major win in Germany. In addition to XSP, this latest client will roll out eTRAN™ (Electronic Tracking Response and Notifications) and the ISO 15022-compliant messaging module for the automated notification and response capture of elections.
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. Utilising its 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 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.
Neil Sheppard, Chief Operating Officer, XSP Europe at Xcitek, said, “This new three-year contract is another significant win for XSP as it further extends our footprint in the European market. Our latest success in licensing XSP to the German counterpart of this existing U.S. account will provide a single, enterprise-wide solution in automating its Corporate Actions processing. Utilising its robust features and functionality, the client will further benefit from XSP’s powerful ISO module, taking one step closer in its quest to bring greater straight-through processing (STP) to Corporate Actions. We are delighted to continue providing our clients with second-to-none offerings, supported by world-class service, and look forward to welcoming other XSP global accounts in the very near future.”