Xcitek, a provider of corporate actions software, market data and consulting services, yesterday announced plans to accelerate its delivery of the SWIFT Standards Release (SR) 2007 upgrade for its flagship corporate actions software, XSP, to clients. Xcitek will be delivering its SR2007 upgrade by early third quarter 2007 to allow clients more time to test the industry changes impacting the XSP ISO module, well in advance of the October 27, 2007 effective date mandated by SWIFT.
Accredited with the SWIFTReady corporate actions label, XSP is ISO 15022 compliant and features comprehensive data management components, workflow management modules, web and ISO messaging for client notification and response capture and complete entitlement processing. Utilising its rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitises 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.
“As SWIFT standards evolve and new initiatives to further promote straght-through processing (STP) are set forth, our goal is to quickly integratethese industry-driven changes into our own system and make them available to our client base as soon as possible,” says Dan Retzer, CTO, XSP, Xcitek. “We are actively engaged with industry organisations such as SWIFT, International Securities Association for Institutional Trade Communication (ISITC) and Securities Market Practice Group (SMPG) to incorporate best practices into our solutions for optimal corporate actions processing,” he continues.
Frank Piraino, senior vice president, XSP, Xcitek, believes that the SWIFT SR is a challenging change that clients must endure and through accelerating the upgrade delivery, Xcitek are giving clients a chance to test it in preparation for the October 2007 production date. “We will continue to work closely with clients to provide the technical support necessary throughout the course of this initiative to ensure a smooth transition into production,” he says.