Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features comprehensive data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its 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 and elections via 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.
Brendan P. Farrell, Jr., Chief Executive Officer, XSP, at Xcitek, said, âAs Corporate Actions volumes continue to soar, global financial institutions, such as this latest client, recognize the need to automate their operations. In 2006, the markets experienced record-breaking M&A activity in the global investment management industry. With projections of this continuing upward trend set for 2007, we anticipate another year of significant growth and tremendous opportunities for XSP across all market segments.â
Frank Piraino, Senior Vice President, XSP, at Xcitek said, âWe are pleased to welcome this global investment management firm to our growing client base: our second prestigious global asset manager in less than 30 days. Following an extensive product review of XSP, this client also took the opportunity to see the XSP software first-hand in a production environment at one of our other investment management clients. This on-site visit, combined with our leading position in the Corporate Actions space and our reputation for achieving smooth and timely implementations were all key factors in their decision to license XSP. We look forward to working closely with our latest client to meet their aggressive implementation scheduleâ