SunGard has integrated XSP’s global corporate actions software capabilities with its Phase3 multi-asset, multi-currency securities processing solution in a SunGard-hosted application service provider (ASP) environment. SunGard will provide customers with web-based access to the XSP v5 corporate actions platform. The integration with Phase3 will help improve straight-through processing and, the company says, help reduce the cost and complexity of global corporate actions processing.
Corporate actions processing is complex, involving 80 corporate event types including mergers, spin-offs, stock buybacks, name changes and bankruptcies, as well as income events such as dividends, interest payments and called bonds. A single corporate action event can dictate mandatory or voluntary action with multiple options, requiring operations staff and securities processing systems to deal with position changes, settlement and distribution. At the same time, financial institutions continue to seek ways to mitigate costs, control risk and improve efficiencies in an increasingly challenging and volatile economic environment. According to SunGard, Phase3 integrated with the XSP platform provides 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.
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