UBS Warburg has contracted with Wilco International to use the vendor's next generation platform for global corporate actions processing.
Under the agreement, Wilco’s corporate actions processing engine will be deployed across UBSW's international operations, supporting its three main processing hubs in Stamford (Connecticut, US), London and Singapore on a 24x7 basis. The Wilco corporate actions engine covers comprehensive workflow management, event capture, entitlement calculation, holder notification, taxation, open item and claims processing and settlement tracking.
The agreement also includes the development by Wilco of a new rules-based scrubbing engine for corporate actions data, and interfaces to external services and inhouse books and records systems. A new adapter will also be developed for global corporate actions messaging via the Swift network.
The Wilco solution will replace various in-house developed systems, providing a standard Java-based IT platform with high volume capabilities that can support UBS Warburg’s international growth forecasts, says the company.