Wachovia Corporation has licensed XcitekCostBasis' XCB solution to calculate cost allocation factors and tax opinions on corporate actions.
XCB is an automated solution for supplying cost basis and tax data.
Susan Lane, managing director, securities servicing, Wachovia, says the product is user friendly and cost effective in supporting the bank's trust account base.
"It provided accurate and concise information on a high percentage of capital changes," she says.
XcitekCostBasis offers financial firms a complete database of cost allocations and tax status consequences on corporate actions.