XcitekSolutionsPlus and Exchange Data International (EDI), leading providers of global corporate actions automation and international securities administration & reference data respectively, announced a strategic partnership to offer EDI's SWIFT ISO 15022 global corporate actions data via XSP for automated corporate actions processing.
This partnership signifies the ongoing industry initiative to adopt this message standard in an effort to promote greater straight-through processing.
XSP is SWIFT ISO 15022 compliant and features comprehensive data scrubbing tools, robust workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilising its powerful rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitises 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.
EDI is an active participant in the Securities Market Practice Group contributing to the standardisation of the ISO 15022 message types. Adopted in the first quarter of 2004, the ISO 15022 standard gives EDI clients the ability to automate validation and processing of critical data items.
"The combined strengths of EDI's high-quality data and XcitekSolutionsPlus’ robust and feature-rich technology present compelling offerings for those organisations seeking solutions to automate their corporate actions processing," says Brendan P. Farrell, Jr., Managing Partner at XcitekSolutionsPlus. "With the increasing adoption of SWIFT ISO 15022 by financial institutions, both XcitekSolutionsPlus and EDI recognise the need to offer clients with innovative solutions suited to their specific needs. We look forward to working with EDI in a successful alliance."
Kevin Brady, Director at EDI says, "EDI is taking an active role in supporting the drive towards standardising corporate actions messages to achieve greater STP rates. By partnering with a market leader like XcitekSolutionsPlus, our mutual clients have access to reliable and accurate data via XSP's cutting-edge solution that can be deployed quickly and cost-effectively."