BB&T selects XcitekSolutionsPlus for corporate actions automation
18 October 2004 | 665 views | 0
XcitekSolutionsPlus, the leading provider of corporate actions automation, announced today that Branch Banking & Trust Co. (BB&T), a financial services organization headquartered in Winston-Salem, NC has licensed the XSP™ software solution for corporate actions processing. The agreement also includes licensing Xcitek’s award-winning corporate actions and cost basis data.
XSP features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its powerful rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitizes data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications through its web-based module, eTRAN™, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, "This agreement represents another significant win for us in the banking sector of the industry. BB&T is a SunGard AddVantage user and is now the third XSP client to interface to this accounting system. We have seen a high level of interest in all segments of the industry looking to automate corporate actions and move closer to straight-through processing (STP). The strengths within our organization – such as our dedicated staff, robust software product, extensive expertise and impressive client base – position us as the dominant player in the marketplace to give us the competitive edge in winning new clients."