Xcitek, the leading global provider of Corporate Actions software, market data and consulting services, announced today that Daiwa Securities America Inc. has extended its XSP software agreement for Corporate Actions processing.
The Japanese-owned broker/dealer, which experienced a record-breaking implementation of the application in just 30 days in 2004, has renewed its contract for another three years.
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, eTRAN, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Nicholas C. Rubino, Executive Vice President & Chief Operations Officer, at Daiwa Securities, commented, "We are delighted to extend our relationship with Xcitek. Since the implementation of XSP at Daiwa in record time three years ago, XSP continues to reduce the risks inherent in the Corporate Actions process while enhancing the services we provide to our clients. Integrated with SunGard's Phase3 securities processing solution, XSP helps us to achieve greater levels of straight-through processing to maximize operational efficiency. The solid results that we have achieved with XSP make this contract renewal a natural choice."
Frank Piraino, Senior Vice President, XSP, at Xcitek said, "This agreement represents Daiwa's ongoing confidence in Xcitek to deliver solid solutions. We are fully committed to providing the highest levels of value and service for our global client base. XSP's proven functionality and ongoing product development provide our clients with the necessary tools to meet their challenges and exceed their expectations. Daiwa is a valued XSP client and we are pleased to continue servicing them for another three years."