Xcitek, the provider of Corporate Actions software, market data and consulting services, is to accelerate its delivery of the SWIFT Standards Release 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 27 October 2007 effective date mandated by SWIFT.
“As SWIFT standards evolve and new initiatives to further promote straight-through processing (STP) are set forth, our goal is to quickly integrate these industry-driven changes into our own system and make them available to our client base as soon as possible,” says Dan Retzer, the Chief Technology Officer of XSP at 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.”
“The SWIFT Standards Release is one of the more challenging industry-driven changes that clients must endure,” adds Frank Piraino, the Senior Vice President of XSP at Xcitek. “We understand the risk it presents to our clients and recognise the need to mitigate some of that risk and pressure by delivering our XSP SR2007 upgrade as soon as possible. Xcitek is pleased to accelerate the upgrade delivery and afford clients more time in the testing and overall preparation for the production date in October. 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.”