XSP, the global leader in automated end-to-end Corporate Actions software, announced that its XSP® v5 platform, has achieved the 2011 SWIFTReady Corporate Actions Label in conjunction with Microsoft BizTalk Accelerator for SWIFT, the SWIFTReady Financial Enterprise Application Integration (EAI) product.
For the seventh consecutive year, XSP is recognised for fulfilling all application verification and technical validation requirements to ensure that the XSP v5 platform provides high-level quality service to meet the increasingly-complex market demands.
XSP earned the label after completing SWIFT's comprehensive and extensive testing that focuses on business and technical compliance to the SWIFT Standards, interface connectivity, message processing and directories. Accreditation by SWIFT assures the financial community that the highest levels of quality are practiced.
Filip Versluys, Head of Partner Management at SWIFT, said, "Achieving the 2011 SWIFTReady Corporate Actions Label has once again proven XSP's commitment to the financial services industry. Each year the level of mandatory criteria evolves based on the market and customer needs. XSP continues to provide excellent adherence to SWIFT Network Validation and Event Interpretation Grid (EIG+) criteria whilst demonstrating exemplary performance against Securities Market Practice Group (SMPG) guidelines. In addition, based on our internal analysis, the XSP system has generated an astounding average of five million Corporate Actions messages annually across the SWIFT network since 2009. We are elated to once again recognise XSP for achieving accreditation in this programme."
Paul Fullam, Senior Director, Business Strategy at XSP and Co-Chair of ISITC Corporate Actions Working Group, said, "We are delighted to receive the 2011 SWIFTReady Corporate Actions Label for the seventh consecutive year. This is a significant acknowledgment of our dedication to providing the market with a state-of-the-art solution that reduces risks and cost. We support SWIFT's commitment to providing customers with solutions held to the highest of industry standards and best market practices. Although Corporate Actions processing continues to be complex and risky, we are constantly working with partners like SWIFT to drive indrive industry standards and greater transparency, beginning at the issuer level, to promote maximum straight-through processing (STP)."