Additionally, Evare will provide SWIFT connectivity managed services to clients of the XSP software solution.

The XSP application is ISO 15022 compliant and features comprehensive data management components, workflow management modules, web and SWIFT 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 market, vendor, Custodian and Prime Broker data sources. Through extensive 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 reconciled, delivered to global custodians and updated to back-end systems for entitlement processing.

Evare's core competencies revolve around financial data acquisition, enrichment, transformation and delivery. Evare connects financial institutions to clients and counterparties using each firm's preferred method of connectivity, custom data formats and industry standards to establish direct connectivity with the systems of record within each institution. All parties can utilize their existing systems and protocols without having to upgrade or install software. This partnership allows XSP clients to facilitate a single connectivity point between clients and their counterparties, subsidiaries and internal systems.

Brendan P. Farrell, Jr., Chief Executive Officer, of XSP, said, "This new interface with Evare is another value-added offering to complement the XSP software solution for maximum operational efficiency in the processing of Corporate Actions. As a message transformation and SWIFT enabler, Evare will allow our clients to process non-standard or proprietary message formats through the XSP softwaree as well as provide the ability for non-SWIFT clients to communicate across the SWIFT Network, or through the gateway. This offering will facilitate easier integration of the XSP solution with our client's proprietary data sets. It will also provide non-SWIFT XSP clients with the benefits and capabilities of a SWIFT participant to handle messaging traffic on a service bureau basis."

Frederick Stanley, President and CEO of Evare, commented, "By forming this partnership with XSP, global financial institutions will further enable STP while realizing immediate return on investment (ROI) in Corporate Actions processing. Evare's managed service offering streamlines the communications chain by providing data transformation and delivery over the SWIFT network or via any preferred communications method, protocol or standard, without the need to change existing internal systems and processes. Through this strategic alliance, XSP and Evare bring together best-of-breed solutions that offer flexible and cost-effective options for financial institutions of all types and sizes."