Xcitek, the leading global provider of market data, Corporate Actions software, and staffing solutions, announced today that it has won the 2006 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 ISO 15022 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.
Commenting on the accreditation, Edward de Courcy-Ireland, Product Manager at SWIFT, said, "We are pleased to award Xcitek with the SWIFTReady Corporate Actions Label for their flagship software solution, XSP. This achievement demonstrates Xcitek's ongoing contribution to the industry of developing solutions that conform to SWIFT standards as well as the best practices set by the Securities Market Practice Group (SMPG), improving Corporate Actions processing efficiency for the benefit of financial institutions worldwide."
Brendan P. Farrell, Jr., Managing Partner at Xcitek, said, "Xcitek remains at the forefront of delivering reliable and proven solutions to meet the ever-changing demands of financial institutions around the globe. In addition to our ongoing efforts of enhancing the technology behind the XSP software, our support of SWIFT's ISO message formats and functionality standards allows our clients to attain the greatest levels of straight-through processing (STP). This accreditation validates our strong commitment to mitigating the risks and costs associated with Corporate Actions processing."