Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, announced today that Credit Suisse Asset Management (CSAM) New York, one of the asset management arms of Zurich-based Credit Suisse Group, has entered into a five-year contract with XSP to automate its Corporate Actions processing.
As part of the license, CSAM New York will utilize eTRAN (Electronic Tracking Response and Notifications) and the ISO 15022-Compliant Messaging Module for the automated notification and response capture of elections.
XSP features comprehensive data capture from multiple vendor sources, custodians, prime brokers and agent banks; rules-based scrubbing tools; a robust workflow management module and complete entitlement processing. Using client defined Queues and user Views, tasks and exceptions are automatically routed to the appropriate designated parties for the required action. XSP delivers the functionality to manage client event notifications and election responses through both its ISO module and its web-based component, eTRAN. Using these tools, instructions are automatically captured and updated to the back-end systems for reconciliation and entitlement processing.
After conducting an extensive due diligence process, CSAM selected XSP as the solution provider for its Corporate Actions operations in New York. CSAM is a business unit within Credit Suisse First Boston (CSFB), which has been using the XSP software since 2002 to maximize operational efficiency while minimizing risks and costs in the processing of Corporate Actions.
"CSAM is one of the world's most well-respected and forward-thinking financial institutions servicing clients across three regions in 50 countries," said Brendan P. Farrell, Jr., Managing Partner at Xcitek. "With XSP, CSAM New York will reap the immediate benefits of reduced operational risks and costs within each phase of the Corporate Actions lifecycle while adhering to their mission of providing their clients with enhanced service levels. We are delighted to welcome another Credit Suisse organization to our growing client base and look forward to continue to build upon our strong relationship with additional business units within the Credit Suisse Group."