CheckFree says HSBC Securities Services (HSS) has bought and installed the eVent corporate actions processing application the US IT firm acquired as part of the purchase of Heliograph.
Alex Powell, global chief operating officer of HSBC Securities Services, which has $4.3 trillion of assets in custody, says eVent will help the bank tackle a major problem. “The automation of corporate actions is a notoriously difficult problem to solve, which is why we engaged CheckFree’s specialized knowledge and solutions to assist us with this project,” he says. “A key selection criteria was the overall flexibility and scalability of CheckFree eVent, as well as its proven technology. CheckFree eVent enables us to cater to the fast changing requirements of our clients in the key corporate actions arena.”
HSS says the implementation of CheckFree eVent is designed to automate the announcement capture and validation of rhe bank’s multiple data sources, creating corporate actions master records for downstream processing and accounting updates. All external communications have been implemented and streamlined using the SWIFT ISO 15022 message suite for corporate actions to ensure high straight-through processing (STP) rates are achieved.
With this new deployment of CheckFree eVent, HSS will offer its clients post-trade securities processing, including corporate actions automation, using two CheckFree applications that leverage a common architecture. HSS is already supported by the CheckFree TradeFlow application for trade confirmation and settlement.
“HSBC Securities Services’ selection of CheckFree eVent is testament to the strength of our corporate actions processing solution,” says Preston Hoffman, senior vice president and general manager, CheckFree Software. “With this new endorsement from HSBC Securities Services, we have further improved our market leading position and extended our strategic relationship with this major client. We look forward to a long lasting and fruitful partnership with HSBC.”