This new browser-based corporate actions system, built in partnership with the Xcitek Solutions Plus "XSP" application, maximizes operational efficiency through the use of a rules-based, data-scrubbing engine with built-in exception handling functionality. The scrubbing engine receives announcement files from multiple vendors and automatically compares them, identifies and validates exceptions and publishes announcements to BPS.
On the new graphical user interface, exceptions are automatically allocated to and prioritized for the individual user, and managers will receive an overall view of exceptions and their statuses, with tools to manage the STP workflow.
Since the XSP system is integrated with BPS, all data required for corporate actions processing is held and maintained on the BPS mainframe, which updates the corporate actions system in real-time.
This system enables financial consultants to enter shareholder elections on voluntary reorganizations using the browser-based branch access system. Sales personnel are able to see all shareholder accounts that hold the position as well as summaries of those that have and have not made elections. The salesperson also has inquiry access to the mandatory reorgs that affect their accounts. The elections entered in branch access are posted directly to the mainframe for booking.
The corporate actions system is also integrated with ADPâs Investor Communication Services (ICS) to streamline mailings to shareholders with securities involved in voluntary corporate actions. These mailings can be either hard copy or electronic depending upon the desire of the shareholder. Mailings in both media provide a web link through which the shareholder can easily make their own elections. Brokers have the option of posting customer-made elections directly into the back office or into a queue for internal review and approval.
Speaking about the announcement of the new corporate actions system, Marianne Brown, General Manager of ADPâs Brokerage Processing Services said, "This real-time system reduces errors and simplifies corporate actions processing. It is another example of ADPâs commitment to providing world class service to our clients."