XSP has made its first move into the cloud with a lightweight version of its corporate actions processing solution. Called XSPrisa, the software-as-a-service (SaaS) offering is aimed at Tier 2 and top Tier 3 market participants that feel the company’s enterprise-scale software is beyond their reach.
According to Daniel Retzer, chief technology officer at XSP, “XSPrisa will help these organisations manage corporate actions risk. Many are using manual Excel processes that are slow and fraught with risk. XSPrisa gives them the tried and tested core XSP v5 platform to automate corporate actions data management and then extend this further into corporate actions notification and response processing.”
XSPrisa was introduced as SaaS solution in March. Scaling the XSP solution for cloud users, the company has created a new web interface and dashboard for XSPrisa and reduced access to XSP functionality while sustaining elements such as data scrubbing and data management that are essential to Tier 2 and Tier 3 organisations.
XSPrisa also exchanges the capital expenditure burden of the installed XSP solution into operational expenditure, with clients paying per month based on usage, and leaves all the monitoring and management of the system to XSP staff working with supporting cloud data centre specialist Tier 3.
A cut-down version of XSP’s eTran+ notification and response solution is due to be added to the cloud as part of the SaaS option by mid-year with different language versions – these are not available out of the box for XSP – rolling out through the year. Mandarin, Portuguese, Japanese and predominant European languages are first on the list for front-end dashboards to XSPrisa.
Retzer says the SaaS offering is a natural progression for XSP, which has been running its own business in the cloud since 2008, but that it is also a result of market demand. “Prospects have asked us for this and inferred that if XSP had a more scalable solution that could meet their cost points and be easily adopted they would be interested. We have not previously capitalised on this market, but these prospects are now coming back to us as they can see we can help them manage corporate actions risk.”
XSP expects XSPrisa to attract mostly new clients, although existing clients may want to host the solution within their own infrastructure to offer lightweight corporate actions processing to their own clients. To date, one new client will go into production next week, with another following shortly and a further 12 in the contract phase.
XSP hopes it has a head start in the corporate actions SaaS market, with Retzer commenting: “I have heard that other corporate actions processing vendors are planning cloud solutions, but I am not aware that any have been announced.”