Xcitek®, the leading global provider of Corporate Actions software, market data and consulting services, announced that Daiwa Securities America Inc. has extended its XSP™ software agreement for Corporate Actions processing. The Japanese-owned broker/dealer, which experienced a record-breaking implementation of the application in just 30 days in 2004, has renewed its contract for another three years.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features comprehensive data management components, workflow management modules, web and ISO messaging for client notification and response capture and complete entitlement processing. Utilizing its rules-based, data-scrubbing engine with built-in exception handling capabilities, 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 and elections via 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.
Nicholas C. Rubino, Executive Vice President & Chief Operations Officer, at Daiwa Securities, commented, “We are delighted to extend our relationship with Xcitek. Since the implementation of XSP at Daiwa in record time three years ago, XSP continues to reduce the risks inherent in the Corporate Actions process while enhancing the services we provide to our clients. Integrated with SunGard’s Phase3 securities processing solution, XSP helps us to achieve greater levels of straight-through processing to maximize operational efficiency. The solid results that we have achieved with XSP make this contract renewal a natural choice.”
Frank Piraino, Senior Vice President, XSP, at Xcitek said, “This agreement represents Daiwa’s ongoing confidence in Xcitek to deliver solid solutions. We are fully committed to providing the highest levels of value and service for our global client base. XSP’s proven functionality and ongoing product development provide our clients with the necessary tools to meet their challenges and exceed their expectations. Daiwa is a valued XSP client and we are pleased to continue servicing them for another three years.”
About Xcitek
Founded in 1986, Xcitek is the global leader in Corporate Actions software, market data and consulting services to the financial community.
Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features an extensive workflow module, robust data scrubbing tools, web and ISO messaging for client notification and response capture (eTRAN™), and complete entitlement processing to manage the entire corporate actions lifecycle - thereby reducing risk and maximizing operational efficiency. With over 55 licensed clients, XSP™ is the most widely-implemented corporate actions system in the world.
Xcitek’s market data offerings include Corporate Actions, Cost Basis, Class Actions, Securities Payments, and other financial data, serving over 2,000 clients worldwide. Ranked #1 for ten consecutive years by The Summit Group, Xcitek has led all other providers in its categories in such areas as data accuracy, data timeliness, coverage and delivery reliability. User-friendly, flexible and affordable, Xcitek’s web-based solutions deliver time-sensitive and critical information straight to the desktop.
Xcitek’s consulting and staffing group provides financial institutions with highly skilled professionals for temporary and permanent placement in operations, outsourcing, project management and systems conversion. With its comprehensive database of experienced professionals, Xcitek carefully screens candidates to match clients with the appropriate personnel to assist them in successfully reaching their goals.
For more information, please visit http://www.xcitek.com/ or http://www.xsp.com/.
About Daiwa Securities America Inc.
Daiwa Securities America Inc. is the principal US subsidiary of Daiwa Securities Group Inc., one of the world’s largest securities firms. The firm is a member of the major American securities and futures exchanges and is a US Treasury primary dealer. Headquartered in New York, Daiwa Securities America is a leading investment bank, underwriting equity and fixed income securities, and a leader in the sales and trading of Japanese and US equities, fixed income instruments and financial futures to institutional investors. For more information, please visit http://www.daiwausa.com/.