New York, NY, October 31, 2005 â Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, today announced that UMB Bank has selected its Xcitek Class Actionsâ¢ (XCA) service to address the issue of identifying, tracking and responding to Securities Class Actions.
"We are very pleased in the decision of UMB to subscribe to XCA," said Charles Price, Senior Vice President at Xcitek. "UMB is a diversified financial services organization and recognized leader, with a reputation for stellar customer care. When we were developing XCA, we knew organizations like UMB â organizations that put their clients first â would find real value in what we were doing with Securities Class Actions."
"We have a long-standing relationship with Xcitek and subscribe to other services such as Corporate Actions, Cost Basis and XSPâ¢. We evaluated Xcitekâs Class Actions product and felt it could help us improve current processes," said Laurie Box, Vice President, Trust and Custody Support Services at UMB Bank. "At UMB, our clientsâ interests are always foremost, and yet the area of servicing securities class actions on their behalf was a challenge. We thought an investment in XCA was in our clientsâ best interest."
Introduced in July of 2005, XCA is a web-based service that helps financial institutions identify, track and collect funds emanating from Securities Class Actions. Updated daily, it draws upon Xcitekâs vast database of Securities Class Actions to allow users to match current or past positions to ongoing litigation. XCA contains features, such as customized watch lists, email alerts and portfolio monitoring, that enable users to stay abreast of developments.