Commerzbank's global securities division is to implement Heliograph's corporate actions processing solution, eVent.
The initiative is part of Commerzbank's preparations for the move to the Swift ISO15022 standard.
"The introduction of the new ISO15022 message standard, which is more complex but also far more powerful than the old 7775 messages, means that at last the complicated area of corporate actions processing can be automated," says David Baxter, director, eVent Systems.
The eVent solution is designed to eliminate the risks associated with the corporate actions process. From initial 'cleansing' of data, through calculation of entitlement and internal systems updates, to automatic generation of instructions and receipt of confirmations, the corporate action user is able to monitor and manage the progress of each event from start to finish.
David Pearce, head of operations, Commerzbank investment banking, says the bank conducted a thorough evaluation of available options before choosing to proceed with the HelioGraph solution. "As regards corporate actions processing, our main aim is to eliminate risk and deliver enhanced levels of service to our customers. We believe that eVent should make a significant contribution towards meeting these goals," he says.