New York, NY, July 25, 2005 â Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, announced today that Branch Banking & Trust Co. (BB&T), the ninth largest financial holding company in the United States, headquartered in Winston-Salem, NC has gone live with the XSPâ¢ software solution for Corporate Actions processing. In addition to XSP, Xcitek is also providing BB&T with its award-winning corporate action data.
XSP features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its powerful 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 through its web-based module, eTRANâ¢, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Brendan P. Farrell, Jr., Managing Partner of Xcitek, said, "BB&T has taken a major step forward in achieving STP. With XSP now live in production, BB&T is realizing the immediate benefits that automation brings to its daily operations. Specifically, automating the client notification and response component of the bankâs Corporate Actions processing will lead to significantly improved operational efficiency, eliminating the high level of manual efforts that were required prior to the implementation of XSP, while reducing risk exposure to the organization."
Speaking on behalf of the Xcitek Corporate Actions data license, Charles W. Price, Senior Vice President, commented, "BB&T recognizes that timely and comprehensive data is the first link in the Corporate Actions STP chain. Xcitek is pleased to provide BB&T with better data coverage to set the foundation for a successful automated Corporate Actions process."
"The success of this project is the result of the hardworking efforts and collaboration between the excellent BB&T and XSP teams and we look forward to similar announcements in the near future," continued Farrell.