SunGard has expanded the XSP corporate actions portfolio it acquired in January 2013 with a business process as a service (BPaaS) solution that provides access to cleansed corporate actions data and a cloud-based risk dashboard that visualises a firm’s corporate actions risk exposure. Both solutions can be used standalone or with the XSP corporate actions platform, and like other XSP modules, both support the ISO 15022 and ISO 20022 messaging standards.
The BPaaS service is built on the XSP platform and includes a central repository of cleansed and standardised corporate actions data from multiple sources that can be consumed by SunGard XSP or alternative corporate actions processing applications. The service publishes data in a number of standardised formats to support a wide range of users and allows users to consume only the data they need.
The company’s cloud-based risk dashboard for corporate actions, XSPosure, has a web portal and when used with the XSP platform accesses the same data, but displays it differently to give staff who are not dedicated to corporate actions, perhaps risk officers, a view of corporate actions that can help them identify any events that are potentially damaging. XSPosure includes application programming interfaces that allow it to be integrated with corporate actions platforms other than XSP.
Commenting on BPaaS, Brendan Farrell, executive vice president and general manager at XSP, SunGard, says the company is experiencing increasing interest in managed services around corporate actions as firms recognise that there is no added value in processing corporate actions and look for subscription services that provide only the data they need.
On XSPosure, the concept of which won SunGard’s first global codeathon in 2013, he says: “The dashboard simplifies the way of viewing risk by turning a very complicated problem into an easy-to-use visual solution.”
Both BPaaS and XSPosure are available immediately, and while early conversations are with existing XSP users, Farrell expects the products to be sold independently at a later date. He concludes: “There are about 48,000 firms in the world that could use solutions like XSPosure and BPaaS. XSPosure could benefit many of them. BPaaS will probably be taken up initially by Tier 2 and 3 banks, but when it is bedded in we expect it to be a solution for the largest Tier 1 banks too.”