XcitekÂ®, the leading global provider of Corporate Actions software, market data and consulting services, announced plans to accelerate its delivery of the SWIFT Standards Release (SR) 2007 Upgrade for its flagship Corporate Actions software, XSPâ¢, to clients. Xcitek will be delivering its SR2007 upgrade by early third quarter 2007 to allow clients more time to test the industry changes impacting the XSP ISO module, well in advance of the October 27, 2007 effective date mandated by SWIFT.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features comprehensive data management components, 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, eTRANâ¢, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Dan Retzer, Chief Technology Officer, XSP, at Xcitek said, "As SWIFT standards evolve and new initiatives to further promote straight-through processing (STP) are set forth, our goal is to quickly integrate these industry-driven changes into our own system and make them available to our client base as soon as possible. We are actively engaged with industry organizations such as SWIFT, International Securities Association for Institutional Trade Communication (ISITC) and Securities Market Practice Group (SMPG) to incorporate best practices into our solutions for optimal Corporate Actions processing.â
Frank Piraino, Senior Vice President, XSP, at Xcitek commented, âThe SWIFT Standards Release is one of the more challenging industry-driven changes that clients must endure. We understand the risk it presents to our clients and recognize the need to mitigate some of that risk and pressure by delivering our XSP SR2007 upgrade as soon as possible. Xcitek is pleased to accelerate the upgrade delivery and afford clients more time in the testing and overall preparation for the production date in October. We will continue to work closely with clients to provide the technical support necessary throughout the course of this initiative to ensure a smooth transition into production.â