After a fairly quiet year so far from the Fiserv corporate actions team, Sibos saw the launch of a newly enhanced version of its eVent corporate actions automation solution. The upgrade is aimed at improving the flexibility of election and instruction processing and the notifications process with more customisable options, explains Geoff Harries, vice president of Investment Services at the vendor.
The upgraded solution is available as a modular package and provides more flexibility in the deployment of the solution around elections, claims the vendor. Additionally, eVent provides clients with the ability to customise notifications to include client branding business specific formatting and use of free format text fields to tailor messages during the notification process.
“The corporate action lifecycle continues to remain highly complex, particularly where elections on offers and options need to be passed between internal departments and external agents in a time critical process. This is often compounded by manual processing, which can lead to potential misinterpretation and translation errors, and if not handled correctly, these errors can have a significant financial impact. By customising and automating the corporate actions workflow in a highly flexible manner specified by the client, Fiserv customers have the freedom to tailor processes to their particular business needs,” explains Harries.
The rationale behind the solution is that greater control over the corporate actions event lifecycle will reduce the likelihood of no instructions, late instructions or wrong instructions occurring. By this logic, by automating different actions at different times, users can improve the quality of decision making through deadline monitoring, tracking and notification triggering.
Fiserv claims that this upgrade is proof of its decision to move away from out of the box solutions to a more customised approach to the corporate actions space. It follows on from the vendor’s rebrand at the start of 2009, which brought the CheckFree business under the wider banner of the Fiserv moniker in an attempt to provide a more coherent and consolidated approach to the financial technology market.
Since the rebrand in February, however, the ex-CheckFree eVent team has seemingly had little in the way of news to promote. New vendors have taken the opportunity to enter the corporate actions market in the meantime and others have upgraded their own offerings in the space to meet this new competition. It will be interesting to see whether Fiserv has finally got its corporate actions story ready for the market and will be gaining any new clients over the coming months.