NEW YORK (March 21, 2005) â XcitekSolutionsPlus, the leading global provider of corporate actions automation, announced today that LaSalle Bank N.A., one of the Midwestâs largest banks and owned by Netherlands-based ABN AMRO Bank N.V., is expanding its license of XSPâ¢ to manage its asset servicing operations to achieve end-to-end automation for corporate actions processing. LaSalle Bank, an XSP user since 1999, has extended the license to a five-year agreement, which will carry through 2010. The bank has also added the ISO messaging module as well as eTRANâ¢ for its Web-based notifications and response capture capabilities to improve and streamline internal and external client communications.
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. 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, eTRAN, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Susan Vonder Heide, senior vice president of Trust and Asset Management at LaSalle Bank, commented, "XSP has proven to us that it is capable of handling our high corporate actions processing volume, while improving our competitive advantage for domestic and global custodian opportunities. With the addition of the ISO messaging module and eTRAN for our notification and response capture needs, we will be able to manage more effectively costs and risks associated with the flow of information and instructions within a tight deadline. We are excited to extend this license for another five years because we are confident in XcitekSolutionsPlusâ capabilities to continue delivering cutting-edge solutions for LaSalle."
"It is extremely rewarding to expand our relationship with one of the largest and most respected institutions in the world. This growing relationship with LaSalle Bank once again validates XcitekSolutionsPlusâ strategy of offering a sophisticated and proven solution that allows our clients to reap the benefits of automation. We look forward to working with LaSalle Bank in capitalizing on XSP in their asset servicing operations and building relationships within other business units at their global sites," said Brendan P. Farrell, Jr., Managing Partner at XcitekSolutionsPlus.