Kansas-based UMB Bank has licensed XcitekSolutionsPlus' Web-based module for automated notifications and response capture processing, eTran. The bank is also upgrading to the latest version of the vendor's corporate actions automation software, XSP.
The eTran (Electronic Tracking Response And Notifications) module enables users to receive, review and submit responses and voting instructions for corporate actions via the Internet. All elections on voluntary and optional mandatory corporate events are captured and processed in real time by the XSP platform.
Larry Schmidt, senior vice president of trust and custody support services, UMB, says the module "eliminates the manual process of distributing, collecting, and tracking corporate action events, which will further reduce our operational risk and cost."
The bank is also upgrading its XSP application. UMB was XSP's first beta client when the software was introduced in 1996. The bank says XSP has significantly enhanced its day-to-day corporate actions processing and the upgrade will deliver all the functionality it requires.