XcitekSolutionsPlus, a provider of corporate actions processing automation applications, has secured a Gold Label in all three industry sectors – fund mangers, broker-dealers and custodians – in the CityCompass corporate actions application benchmarking exercise judged by a eight-member panel of industry practitioners and Bloor Research.
XSP is SWIFT ISO 15022 compliant and features data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and entitlement processing. It uses a rules-based data-scrubbing engine with exception handling capabilities to capture and sanitise data from multiple vendors and custodian banks. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications through 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.
Andrew Chilcott, Analyst at Bloor Research, says, “It is no wonder that XcitekSolutionsPlus led the pack in this benchmark as they have unrivalled knowledge and history in the data business and produced a standard that the rest must follow.”
Gary Wright, Managing Director of CityCompass and creator of the benchmarking, says, “This year’s results from XcitekSolutionsPlus follow on from last year’s strong showing and underline that their system is the best all-round system for corporate actions in all sectors. We are pleased that they have achieved the new Gold label status that proves to the buyers that their system functionality has been proved by both the CityCompass industry user panel and an independent analyst.”
Brendan P. Farrell, Jr., Managing Partner of XcitekSolutionsPlus, says, “This benchmarking exercise was a unique opportunity for all vendors claiming to have a corporate actions solution to put their system to the test and answer the tough questions voiced by industry experts, peers, and clients. We have always been confident of our solution and currently have over 45 client implementations to support it. Benchmarking corporate actions systems is a huge undertaking and thus requires careful scrutiny when performing independent vendor reviews to ensure valid and accurate assessments of each system. We look forward to others taking on this challenge of trying to benchmark corporate actions systems.”