BB&T renews XSP contract
05 December 2007 | 2128 views | 0
XSP, the leading global provider of Corporate Actions processing software, announced today that Branch Banking & Trust Co. (BB&T), the nation's 14th largest financial-holding company, has signed a multi-year renewal agreement for its XSP Corporate Actions solution.
As part of the renewal, BB&T will also license the DTC Redemption and Reorganization data files. The Bank recently deployed the web-based eTRAN module for automated notification and response capture of elections as well as the Export File Utility to enhance the downstream processing of notifications and responses.
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.
Roger Lieber, Vice President of Trust Operations at BB&T, said, "XSP is a key partner in helping us to reduce our exposure to the risk inherent in the processing of Corporate Actions transactions. The functionality of the XSP software product facilitates, streamlines and documents the communication process, allowing us to accurately and efficiently execute on our clients' directions. The quality of the product and the excellent support we receive were the chief factors in our decision to sign a multi-year renewal."
"We are delighted to extend our relationship with BB&T," said Frank Piraino, Managing Director of Global Operations and Client Services at XSP. "Their recent deployment of the eTRAN module and Export File Utility will further streamline their processing of the notification and response-capture of elections - and as a result, improve efficiency of the overall Corporate Actions operation. This renewal reaffirms that XSP has a clear understanding of the business objectives and requirements of leading financial institutions. We appreciate BB&T's recommitment to XSP's products and services and look forward to continue servicing them."