Source: State Street
State Street Corporation (NYSE:STT), the world's leading provider of financial services to institutional investors, today announced new updates to its product and technology offerings to strengthen its industry-leading online information delivery tools for customers.
"State Street is further differentiating itself from the competition with our continued focus on enhancing our technology," said Christopher Perretta, executive vice president and chief information officer at State Street. "Our understanding of the complexities our customers face, combined with the continuous evolution of the industry helps us identify and select the best technology solutions for our customers' needs."
Third-Party Risk and Compliance Offering
State Street recently expanded its ability to receive third-party holdings data on behalf of its customers. Available on my.statestreet.com, the new service provides State Street customers with a global solution for reporting in two critical areas, risk and compliance, which continues to be a key area of focus in the industry.
This new capability allows customers to consolidate the activities they have across multiple service providers into a global standard with an enriched data set utilizing State Street Investment Analytics' robust solutions for post-trade investment compliance and risk reporting. The data set offers a consolidated risk and compliance profile allowing customers to monitor exposure and risk results across their plans and managers globally.
State Street has launched a new Web application to support its retiree services business. This new application, Plus Web, allows employers and administrators to self administer their retiree data, manage demographic information and reconcile their benefit payment process.
Previously, State Street offered retirement payment processing services to their customer base as a total business outsourcing solution. State Street customers now have the option to continue to maintain their employee retiree information on State Street's proven PLUS platform, and will be able to in-source the administration and management of participant and retiree information.
"Plus Web, accessible via my.statestreet.com for our trust and custody customers, is yet another tool we provide to plan sponsors to assist them in meeting the daily needs of pension administrators," said Michael Williams, executive vice president of institutional investor services at State Street.
The dedicated portal, developed by Computer Sciences Corporation (CSC) in collaboration with State Street, is customized for the needs of each user, provides a custom queries tool for creating reports and an open workspace area for posting shared documents.
Administration Product Suite (APS)
State Street recently introduced an enhancement for its Administration Product Suite (APS) application, which is designed to support service offerings to US mutual funds and similar entities. This proprietary, Internet-based application supports automated survey reporting to industry media companies on behalf of their customers.
The new application is an upgrade to prior technology, Fund Administration Workstation (FAW). This enhancement underscores State Street's continued focus on monitoring and reporting fund performance statistics to fund directors and shareholders.
Corporate Action Service Enhancements
State Street has announced several enhancements to its corporate action services, which will be available in the second quarter of 2008. With these latest upgrades, State Street will provide customers with enhanced messaging, including email alerts advising them that they have received a notification of a corporate event. In addition, customers can also elect to receive messages from State Street confirming that their response to a voluntary corporate action has been received for further processing.
State Street customers who are SWIFT-enabled can now elect to receive an instruction status message that is used to advise customers of the status or change of a corporate action instruction. The message will be generated near real time once the response has been updated in the State Street system.