In addition to the XSP Data Management and Scrubbing module, the Bank will also roll out the XSP Notifications and Responses module and the XSP Web-based eTRANTM module for automated notifications, response capture and elections processing.

The XSP v5 platform is a state-of-the-art solution developed to automate each step of the global Corporate Actions process. From Data Management and Scrubbing to Entitlement Management to Notification and Response Capture, global financial institutions gain immediate return on investment by using the flexible modular set up and rules-based workflow engine. A Microsoft Gold Certified Partner, XSP has re-engineered its platform 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. Accredited with the SWIFTReady label, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to help mitigate operational risk and reduce costs for end-to-end straight-through processing.

"In an environment of such market volatility, global financial institutions turn to solution providers that can help them increase operational efficiencies and productivity levels while reducing risks and costs," said Brendan P. Farrell, Jr., Chief Executive Officer at XSP. "This latest license agreement attests to the markets' ongoing need for proven Corporate Actions technology solutions. Additionally, the Web-based eTRAN module will streamline the Bank's notification and response capture process which will further enhance service levels to their 500+ global hedge fund clients. We look forward to working with our latest client to help them meet their objectives."

The Bank selected XSP after conducting a thorough analysis of the Corporate Actions space. Strong product functionality, market leadership, superior client services and a product built on an innovative technology platform were key factors in the decision.