XSP, the leading global provider of Corporate Actions software, announced today that it is the first and only global Corporate Actions automation vendor to participate in the testing programme for Alliance Lite, the internet-based Swift product, offering Swift connectivity to new low-volume users.
Alliance Lite allows any financial institution to join the SWIFT network and communicate electronically with their counterparts at a low cost.
The XSP v5 platform is XSP's state-of-the-art solution developed to automate each step in the processing of global Corporate Actions. 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 (SOA), utilising 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 mitigate operational risks and costs for end-to-end straight-through processing (STP).
Alliance Lite is a connectivity product, which supports the manual entry and display of commonly-used SWIFT messages, through a standard internet browser, as well as the integration with business applications through the AutoClient, a lightweight integration software. Integrating Alliance Lite with XSP's Corporate Actions platform will allow global financial institutions to streamline their processing by leveraging the SWIFT network to communicate directly with their financial partners around the world. Some of the many benefits include lower processing costs and errors, increased automation and improved STP for this high-risk area of operations.
Hervé Valentin, Senior Business Development Manager, SWIFT, said, "XSP is a well-respected and key SWIFT partner in the Corporate Actions space and we are delighted to have their support in this SWIFT initiative. Their client base already represents the largest number of SWIFT users for Corporate Actions. With Alliance Lite, XSP can help even further our reach and accelerate the adoption of SWIFT messaging standards to financial institutions that traditionally have not joined the network because of lower volummes. By integrating Alliance Lite with their SWIFTReady-accredited XSP v5 platform, clients such as asset managers can gain access to the SWIFT network at an affordable cost without the requirement of additional investments in hardware."
Paul Fullam, Senior Director of Business Strategy at XSP, said, "XSP is continually looking for opportunities to provide our global client base with cost-effective and innovative solutions to meet their Corporate Actions processing requirements. Our client base represents a diverse consortium of financial institutions, ranging from large global custodians to medium-size asset managers to small niche hedge funds. Whilst over 50% of our clients license the XSP SWIFT ISO Messaging module, Alliance Lite brings a low-cost, user-friendly and powerful value proposition for clients and prospects with low messaging traffic, taking advantage of the SWIFT network. By integrating the XSP v5 platform with Alliance Lite, we assist our clients further by promoting greater STP in Corporate Actions processing."
Dan Retzer, Managing Director and Chief Technology Officer, at XSP, commented, "SWIFT Alliance Lite eliminates the requirement of the hardware stack and personnel to manage the SWIFT gateway. With both our respective solutions available as 'In the Cloud' offerings, we continue to build upon our close partnership with SWIFT, working together to support a customer-centric business model by adding greater value and flexible options for institutions of all types and sizes."