Xcitek's XSP receives SwiftReady corporate actions label

Source: Xcitek

Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, announced today that it has been awarded the SWIFTReady Corporate Actions Label for XSP, the most widely-implemented Corporate Actions system in the world.

The SWIFTReady Corporate Actions Label is awarded to applications that adhere to a strict set of criteria linked to the support of SWIFT messages and functionality for an area of securities processing that has long been considered one of the most challenging and high risk operations for financial institutions. The criteria are reviewed annually to ensure that the accredited application is in line with SWIFT's requirements.

XSP is an ISO15022 compliant solution featuring 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 also offers the functionality to manage client event notifications and election responses through both its ISO module and web-based component, eTRAN. Using these tools, instructions are automatically captured and updated to the back-end systems for reconciliation and entitlement processing.

Brendan P. Farrell, Jr., Managing Partner at Xcitek, said, "Xcitek's achievement of the SWIFTReady Corporate Actions Label is a significant milestone in the evolution and continuing development of our already-robust XSP application. For close to a decade, XSP has been providing clients with an advanced processing solution that continues to deliver immediate return on investment (ROI). This label further validates XSP as the global provider of straight-through processing (STP) solutions for the Corporate Actions processing arena."

Edward De Courcy, Product Manager at SWIFT, commented, "We are pleased to award Xcitek with the SWIFTReady Corporate Actions Label for their flagship software solution, XSP. Xcitek has an impressive client base in the U.S. and abroad, a proven track record for implementing effective solutions, and an overall sophisticated software product that meets the stringent criteria set by SWIFT. In addition, conforming to the best process initiatives defined by the Securities Market Practice Group (SMPG) is another key advantage of the XSP software and an important decision factor for potential clients when selecting a solution. This accreditation confirms Xcitek's market-leading status in the industry and we look forward to working with them to further reduce the risks and costs associated with the processing of Corporate Actions."

Jonathan Montgomery, Senior Vice President, XSP Client Services at Xcitek, stated, "We are delighted to secure the SWIFTReady Corporate Actions Label. We continue to develop and enhance XSP whilst conforming to the high standards set by SWIFT. Xcitek has been a SWIFT Solutions Partner for several years and the certification of XSP with the SWIFTReady Corporate Actions Label represents our commitment to SWIFT as a valued partner and our commitment to embracing the industry initiatives that maximise operational efficiency in the processing of Corporate Actions for financial institutions."

Neil Sheppard, Chief Operating Officer, Xcitek Europe, commented, "It is extremely rewarding to be recognised by a highly-regarded partner such as SWIFT. As more and more organisations leverage the SWIFT network and adopt the ISO15022 format as a standard, our clients can benefit from the powerful processing capabilities of XSP to achieve the highest levels of STP."

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