XSP upgrades corporate actions software; reports Q1 deals

Source: Xcitek

XSP, the leading global provider of Corporate Actions software, announced an exceptional start for 2007 with the closing of three new global deals in the first quarter and the introduction of its latest version of software, XSP v5.

At the SIFMA 34th Annual Operations Conference and Exhibit in Kissimmee, FL, XSP will be unveiling XSP v5, the next generation in Corporate Actions technology incorporating enterprise-wide integration and globally-scalable architecture. The XSP v5 platform is an architectural rewrite of the application based on Microsoft .NET technology. XSP v5 technology has been developed and authored to meet global financial institutions' needs by servicing multiple business platforms within one application. Furthermore, XSP v5 software includes enhanced feature-rich functionality for global Corporate Actions processing for superior straight-through processing.

Accredited with the SWIFTReady Corporate Actions Label, the XSP application 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, the XSP software 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's web-based eTRAN module offers the ability to track event notifications and elections by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.

Brendan P. Farrell, Jr., Chief Executive Officer of XSP, said, "The re-write of the leading Corporate Actions processing system was not a small undertaking. With significant investments and three years of product planning and development, the XSP v5 software represents the most technically-advanced global processing solution for Corporate Actions. The XSP v5 solution also symbolizes our commitment to Microsoft and our active role in partnering with its worldwide vision in the ce capital markets space. Having signed with three major global financial institutions in the first quarter of the year, we are pleased with our sales results thus far. We look forward to a very exciting chapter at XSP as we continue to roll out the XSP v5 solution over the coming months."

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