Xcitek, the all-Microsoft software to handle complex corporate actions processing, has announced new and extended contracts with several banks.

UBM Bank added Xcitek Class Actions (XCA) to the list of products it licenses from the company.

"We have a long-standing relationship with Xcitek and subscribe to other services such as Corporate Actions, Cost Basis and XSP," said Laurie Box, vice president, trust and custody support services at the bank holding company which is headquartered in Kansas City, MO. "We evaluated Xcitek's Class Actions product and felt it could help us improve current processes."

XCA is a Web-based service that helps financial institutions identify, track and collect funds emanating from class action lawsuits. Updated daily, it draws upon Xcitek's database of securities class actions to allow users to match current or past positions to ongoing litigation.

Credit Suisse Asset Management New York entered into a five-year contract with Xcitek to automate its corporate actions processing. As part of the license, Credit Suisse New York will use the company's eTRAN (Electronic Tracking Response and Notifications) and its ISO 15022-compliant messaging module for the automated notification and response capture of elections.

And in London, JPMorgan Securities upgraded to the company's XSP 4.5 corporate actions solution.

"The implementation of this upgraded version of XSP supports JPMorgan Securities' growing corporate actions processing volume whilst providing us with powerful processing capabilities to manage our day-to-day operations," said Richard Harmer, associate of corporate actions at the bank. "With XSP Version 4.5, we are expanding our use of the ISO functionality, eliminating the need for manual diary entries and fully utilizing XSP's powerful workflow tools to manage the complete corporate actions lifecycle."

XSP was awarded the SWIFTReady Corporate Actions Label, which is assigned to applications that adhere to a strict set of criteria for SWIFT messages.

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