Xcitek says its corporate actions application has secured a Gold Label in all three industry sectors – asset management, broker-dealing and custody – in the 2004 corporate actions benchmarking event organised by CityCompass.
An eight-member panel of corporate actions experts, with advice from IT consultants Bloor Research, gave the Xcitek XSP solution top honours in various business requirement, technical functionality and system maturity categories.
XSP is SWIFT ISO 15022 compliant. It also offers data scrubbing tools, workflow management modules, web and ISO messaging for client notification and response capture, and entitlement processing.
“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,” says Andrew Chilcott, Analyst at Bloor Research.
Gary Wright, Managing Director of CityCompass and creator of the benchmarking exercise, describes the Xcitek tool as “the best all-round system for corporate actions in all sectors.” Brendan P. Farrell, Jr., Managing Partner of Xcitek 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.”