ICBC Financial Services Chooses XSP For Corporate Actions

Industrial and Commercial Bank of China Financial Services (ICBCFS) has chosen to automate corporate actions processing with XPRisa, the software-as-a-service (SaaS) offering provided by XSP, a vendor of end-to-end corporate actions systems, because it suits both the firm's business and technology needs.

XPRisa makes the main data management and scrubbing functions of XSP's v5 platform accessible to customers via a customizable dashboard, and is available on a pay-as-you-go, subscription basis.

According to Daniel Retzer, chief technology officer at XSP, the SaaS product "is a good fit [for ICBCFS] from both a business and a technology perspective." Retzer says ICBCFS chose XPRrisa because it did not want to do a large-scale enterprise software deployment and does not need all the in-depth functionality available on the v5 platform, such as the pricing and transactions capabilities.

Retzer says ICBCFS's main requirements are "the ability to capture and scrub corporate action data, create a golden copy from their multiple sources and match against their internal contact list to be able to generate notifications concerning corporate actions and send those notifications out."

XSP launched XPRisa in April. It currently has two clients for the product, including Cantor Fitzgerald investment bank. ICBCFS is a wholly owned subsidiary of Industrial and Commercial Bank of China.