Xcitek’s solution XSP has enhanced its offering to support DTCC’s Global Corporate Action (GCA) Validation Service. XSP has mapped the GCA Validation feed to its latest version, XSP 4.6, offering clients access to scrubbed corporate actions data.
This interface marks the second time Xcitek’s XSP and DTCC’s GCA Validation Service have teamed up for greater straight-through processing (STP) for corporate actions. In 2003, Xcitek’s XSP Data Management component supported the launch of the GCA Validation Service.
The GCA Validation Service also uses Xcitek’s Corporate Actions Data product as a source for North American announcements. 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 complete entitlement processing. XSP captures and sanitizes data from multiple vendor sources and custodian data. 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.
“We have been working closely with Xcitek for a number of years now,” said James Femia, DTCC Managing Director and head of the Global Corporate Action business. “This latest initiative represents each of our own firm’s ongoing commitment to provide value-added solutions to the industry. By accessing the GCA Validation Service through XSP, XSP’s clients can eliminate the time-consuming and manual efforts associated with the corporate actions process to reduce risk and lower costs.”