Fifth Third renews XSP corporate actions deal
07 January 2008 | 1834 views | 0
XSP, the leading global provider of Corporate Actions software, announced today that Fifth Third Bank, a Fortune 500 company ranked among the nation's largest corporations, has signed a multi-year renewal agreement for its XSP Corporate Actions solution.
Fifth Third Bank will be one of the first XSP clients to migrate onto the new XSP v5 platform.
The XSP v5 platform is XSP's latest state-of-the-art solution developed to automate each step in the processing of Corporate Actions. From data management to notification and response capture to entitlement management, global financial institutions gain immediate return on investment (ROI) with its flexible, modular approach and rules-based workflow engine. Re-engineered using advanced Microsoft technologies, the XSP v5 platform is built around a service-oriented architecture, utilizing Microsoft .NET components and Web services for global enterprise-wide processing. A SWIFTReady-labelled application, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to mitigate operational risks and costs for end-to-end straight-through processing (STP).
Diana Willen, Vice President, Manager of Trust Securities Services at Fifth Third Bank, said, "We have an established relationship with XSP which spans close to a decade of working with a team of professionals who understands our business and requirements to ensure optimal Corporate Actions processing. In an environment where constant change is inevitable, XSP provides Fifth Third with the solutions and resources to reduce costs, maximize operational efficiencies, and respond quickly to market changes. The migration onto the XSP v5 platform positions us for continued success by utilizing innovative solutions in our operations to reflect the high-quality products and services that we deliver to our clients."
"We built the XSP v5 platform to provide scalable solutions that expand with our clients' growing needs," said Frank Piraino, Managing Director of Global Operations and Client Services at XSP. "In addition to making ongoing investments in technology and product functionality that empower our clients to excel in their operations, we are also continuing to build the infrastructure to support our clients. This renewal contract is further validation that our solutions are delivering long-term value. We are excited to continue working with Fifth Third as their automated Corporate Actions solutions provider."