Xcitek, a global provider of market data, Corporate Actions software and staffing solutions, announced that Evergreen Investments is in live production with the XSP software solution for Corporate Actions processing.
Evergreen selected XSP after an extensive review and evaluation of solutions available from Corporate Actions system providers.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO15022 compliant and features comprehensive data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitizes data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications and elections via its web-based module, eTRAN, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.
Marcus Spero, Vice President of Investment Services at Evergreen said, "The implementation of XSP at Evergreen provides us with a tool that enhances operational efficiency and control for our current Corporate Actions process. During our extensive analysis of Corporate Actions software providers, we found XSP to offer a robust and flexible solution that fits our processing workflow."
Brendan P. Farrell, Jr., Managing Partner at Xcitek, commented, "Having a prominent organization like Evergreen Investments in live production with XSP is a significant win for Xcitek. By leveraging XSP's Corporate Actions processing expertise to manage risk and reduce costs, Evergreen reaps the benefits from its robust data management tools, ISO messaging and optimal workflow functionality to promote greater levels of straight-through processing (STP). We look forward to continue working with Evergreen to provide quality solutions and services for their Corporate Actions operations."