XSP Offers Withholding Tax Reclaim Automation through Partnership with Web Services Integration

London - 15 August 2007

Strategic Partnership Built on .NET Technology Platforms Allows for Easy Deployment and Flexibility

XSP, the leading global provider of Corporate Actions software, announced today that it has formed a strategic partnership with Web Services Integration Ltd., the leading provider of business solutions for withholding tax reclaims processing via its Xceptor® Tax Hub product. Through this partnership, the XSP™ software will integrate with the Xceptor Tax Hub product to automate the withholding tax reclaim process within the Corporate Actions lifecycle.

Both companies’ respective solutions are built on a common technology platform using .NET architecture in a Web Service-enabled environment for easy integration and flexibility.

The v5 platform is XSP’s latest state-of-the-art solution developed to automate each step in the processing of Corporate Actions. From Data Management to Notification and Response Capture to Entitlement Management, global financial institutions gain immediate return on investment (ROI) with its flexible modular approach and rules-based workflow engine. Re-engineered using advanced Microsoft technologies, the XSP v5 platform is built around a service-oriented architecture, utilising .NET components and Web Services for global enterprise-wide processing. A SWIFTReady-labelled application, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to mitigate operational risks and costs for end-to-end straight-through processing (STP).

The Xceptor Tax Hub product integrates seamlessly within its customers’ operational infrastructure and manages the often complex reclaim process quickly and efficiently. By automating each step in the process – Data Management, Documentation Management, Workflow, Query Handling, Forecasting and Reconciliation – clients obtain their cash from tax authorities in a timelier manner.

Peter Madigan, Director at Web Services Integration said, “We are delighted to form this strategic alliance with XSP. The fact that both solutions are built on the same .NET technology platform allows for faster deployment and reduces the cost of ownership for our clients. The Xceptor Tax Hub eliminates manual intervention, reduces errors, enhances client services and improves cash flow in the withholding tax reclaim process. By integrating the Xceptor Tax Hub product with the XSP v5 solution, the tax reclaim process within the Corporate Actions lifecycle is completely automated – from dividend announcement through to closure. Together with XSP, global financial institutions can further promote STP in their Corporate Actions operations.”

Neil Sheppard, Managing Director and Chief Operating Officer of Europe at XSP, said, “By joining forces with Web Services Integration, the XSP v5 solution automates another critical process in the Corporate Actions chain. This partnership will provide our mutual clients with an end-to-end Corporate Actions processing solution that includes the automation of withholding tax reclaim. Having both solutions developed on Microsoft .NET platforms makes them highly-compatible for easier integration and flexibility. We look forward to working with Web Services Integration and the opportunities that this joint offering presents to both organisations.”

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