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Fortune 100 Financial Services Company Selects XSP v5 Corporate Actions Platform

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XSP, a provider of corporate actions software, announced today that a leading investment manager, a Fortune 100 financial services company, has selected the XSP v5 platform to automate its corporate actions processing. With headquarters in New York, the client will implement most of the XSP processing modules including Data Management & Scrubbing, Notifications & Responses, Entitlement Management, Standing Instructions as well as the web-based eTRAN tool and SWIFT ISO Messaging engine for automated notification, response capture and elections processing.

The XSP v5 platform is XSP’s solution developed to automate each step in the processing of global corporate actions. A Microsoft Gold Certified Partner, XSP has re-engineered its platform using advanced Microsoft technologies. The XSP v5 platform is built around a service-oriented architecture (SOA), utilising Microsoft .NET components and web services for global enterprise-wide processing. Accredited with the SWIFTReady label, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to mitigate operational risks and costs for end-to-end straight-through processing (STP).

Brendan Farrell, CEO at XSP, said, “In such a risk-prone and costly operation as corporate actions, it is imperative that financial institutions have the most advanced and innovative solutions to lower costs, minimise risks and position themselves for growth for the future. As the volume and complexity of events continue to rise, companies – like our latest asset management client – understand the critical need to automate to achieve greater STP. Additionally, they will benefit from the deployment of our powerful SWIFT ISO Messaging engine to automate the full lifecycle of the SWIFT corporate actions process flow. They are an excellent candidate for the Alliance Lite product, which offers SWIFT connectivity and compliance in SWIFT ISO messaging, without the requirement of additional investments in hardware. With the imminent Standards Release 2010 (SR2010) mandated changes, we are working with our large SWIFT client base to ensure a smooth transition for the November 2010 live date. We welcome our latest high-profile client to XSP and look forward to providing them with world-class support before, during and after implementation of the XSP v5 platform.”

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