HelioGraph, the STP solutions provider, announced today that four of its clients have recently gone live with eVent, its corporate actions automation solution. The four clients, which are all unnamed, consist of two custodians and two investment banks. HelioGraph says it will be announcing further details of these new implementations shortly.
“The automation of corporate actions has become a prominent discussion topic in the securities industry of late and the marketplace has seen a number of vendors purporting to offer solutions of varying degrees of completeness,” says Heliograph spokesman Andrew Carrier. “Few vendors, however, have actually been implementing production solutions. With four clients now enjoying the risk reduction and cost saving benefits of eVent, HelioGraph is one of the few vendors actually delivering.
Heliogarph says market participants understand that automating the corporate actions process is an extremely complex task. “Automating corporate actions from end-to-end is a complicated process and most products do not offer true end-to-end capabilities.” adds Ashish Akshikar, an Associate Director at TCA Consulting, which recently became part of City Practitioners. “Our research indicates that eVent is one of the most functionally complete solutions currently available. The fact that HelioGraph now have four clients live on the solution demonstrates that they can deliver it effectively as well.”
eVent is an ISO 15022-compliant solution for the management of corporate actions. “From initial announcement capture and data cleansing through browser-based decision gathering to final reconciliation of entitlements and post event completion processes, eVent aims to reduce risk, cut cost and increase efficiency,” claims Heliograph. The firm adds that the component-based nature of the solution means that it is highly configurable and has been designed from the outset to be used by fund managers, brokers and custodians alike.
“At last week’s ISITC Europe annual conference, many attendees seemed to feel that the reality of a vendor-delivered product for end-to-end corporate action processing was a long way off ” comments Amery Thomas, Managing Director at HelioGraph. “Well, the task is certainly challenging, but we’re delighted to say that four of our clients are now live with the initial phases of their projects and enjoying significant risk reduction and efficiency savings as a result.”