In an effort to improve the quality of FIN messages and overall straight-through processing (STP), the SWIFT Testing and Certification Service/Proof of Concept Plan will act on messages received to verify and/or respond based on business content. The objectives of this programme are to successfully test 12 institutions for SMPG compliant usage of Corporate Actions messages using an automated process; and to gauge support for future testing/certification and collect participant feedback.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO15022 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, eTRANâ¢, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Edward de Courcy-Ireland, Product Manager at SWIFT, commented, âWe are pleased to welcome Xcitek to join the SWIFT Testing and Certification Service Proof of Concept. This initiative is aimed specifically at raising the quality of ISO 15022 Corporate Actions messages on SWIFT and we are delighted with Xcitekâs commitment to this cause, as shown by their participation. A testing and certification service will help SWIFT, Xcitek and their clients to demonstrate the quality of their messaging.â
Neil Sheppard, Chief Operating Officer Europe, XSP, at Xcitek, said, âXcitek is honoured to receive this invitation from SWIFT to participate in their pilot programme focusing on Corporate Actions messages. Our philosophy is to provide high-quality processing solutions and achieve exceptional customer service for our global client base. By working closely with our clients and industry utilities such as SWIFT, we can continue to keep pace with evolving technology whilst offering industry-leading functionality through XSP.â
Jon Montgomery, Senior Vice President of Professional Services, XSP, at Xcitek, stated, âOur participation in the SWIFT Testing and Certification Service is another example of our ongoing development to advance our robust XSP Corporate Actions software solution. As a SWIFT Solutions Partner and a SWIFTReady labelled application in the Corporate Actions space, Xcitek maintains an active involvement in industry initiatives that promote STP. We fully support our clientsâ participation in this programme and will work in partnership with them to further enhance the quality of MT564 messages.â