XSP, the leading global provider of Corporate Actions processing software, announced today that after a thorough market review analysis, the broker-dealer arm of an international financial services provider, ranked among the top 25 financial institutions worldwide, has selected the XSP software for automated Corporate Actions processing and has gone live with the application.
The client also rolled out the eTRAN (Electronic Tracking Response and Notifications) module for the automated notification and response capture of elections.
Accredited with the SWIFTReady Gold Corporate Actions Label, the XSP application is SWIFT 15022 compliant and features comprehensive data management components, workflow management modules, web and ISO messaging for client notification, response capture as well as a complete entitlement processing engine. Utilizing its rules-based, data-scrubbing engine with built-in exception handling capabilities, the XSP software captures and sanitizes data from multiple vendor sources including custodian data in the SWIFT 15022 compliant format. 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.
Frank Piraino, Managing Director of Global Operations and Client Services, at XSP, commented, "The addition of this prestigious organization to our global client base is another example of the markets' ongoing demand for a proven Corporate Actions software solution. With the deployment of the XSP software within an aggressive timeline, they are benefiting from an automated Corporate Actions environment, mitigated risk and maximum operational efficiency with a streamlined interface to their global custodian network. We are delighted that they have gone live with the XSP solution and look forward to continuing a long-term relationship with such a notable financial institution."