ICBC Financial Services Chooses SunGard's XSP for ISO 20022 Messaging

Industrial and Commercial Bank of China Financial Services (ICBCFS) has selected SunGard's XSP technology to go live with the ISO 20022 corporate actions message format as part of the Depository Trust & Clearing Corporation's (DTCC) initiative to adopt industry-wide standard messaging by 2015.
By Jake Safane(2147484770)
Industrial and Commercial Bank of China Financial Services (ICBCFS) has selected SunGard’s XSP technology to go live with the ISO 20022 corporate actions message format as part of the Depository Trust & Clearing Corporation’s (DTCC) initiative to adopt industry-wide standard messaging by 2015.

ICBCFS is using SunGard’s XSPrisa solution on a software-as-a-service basis to process corporate actions in the ISO 20022 format, which includes enhanced data elements to help improve identification and representation of corporate actions events. This enables greater straight-through processing (STP) and helps mitigate the risk of misinterpreting data.

“ICBCFS is committed to streamlining our corporate actions processing by remaining at the forefront of technology and adopting ISO 20022 message standards. By becoming an early adopter of the DTCC Transformation initiative, we are able to introduce greater automation to help mitigate risks and maximize efficiencies in an area of operations that has traditionally been manual and error prone. SunGard’s XSPrisa SaaS-based solution helped us eliminate the costly technology deployment, and we were able to go live with the ISO 20022 corporate actions messages in a matter of days,” says Kevin McKeown, chief operating officer, ICBC Financial Services.

“ICBCFS is taking an important step forward in the adoption of ISO 20022 standards. By migrating to one global messaging standard, ICBCFS can benefit from reduced risks and costs while promoting greater STP. With the number of ISO 20022 corporate actions announcement messages surpassing the 250-million-reference mark, DTCC continues to work directly with clients as well as solution providers to help industry participants manage the soaring volumes and increasingly complex events,” says Daniel Thieke, DTCC managing director and general manager, Settlement & Asset Services.

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