The new system simplifies processing environments
SunGard, a provider of software and processing applications for financial services, higher education and the public sector industries, has integrated XSP’s global corporate actions software capabilities with its Phase3 multi-asset, multi-currency securities processing system in a SunGard-hosted application service provider environment.
SunGard said that it will provide customers with web-based access to the XSP version 5 corporate actions platform. The integration with Phase3 will help improve straight-through processing and help reduce the cost and complexity of global corporate actions processing, added SunGard.
SunGard’s Phase3 integrated with the XSP platform is expected to provide an automated straight-through process for corporate actions that helps customers reduce the cost of hardware, support and maintenance as well as helping simplify their processing environments.
Brendan Farrell, Jr, CEO of XSP, said: The seamless integration of the XSP version 5 platform with Phase3 will help SunGard customers to automate their corporate actions processing and mitigate risk in this area, while also helping them to more effectively achieve day-to-day operational goals.
Gerry Murphy, president of SunGard’s brokerage and clearance business, said: By integrating the XSP solution with SunGard’s Phase3 in a hosted environment, we can offer customers greater flexibility and efficiency as well as reduced cost and fewer errors. This will help customers control the operational risks associated with processing corporate actions, and help them streamline the reconciliation of events and changes in positions and settlement. This solution is suited to large retail broker-dealers, as well as financial institutions that wish to use multiple sources of vendor data and require global corporate actions processing.