SunGard expands corporate actions to Singapore 13 August 2013Singapore Reporter: Georgina Lavers
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In response to customer demand for solutions to address increasing complexity and volumes of corporate actions in Asia-Pacific, SunGard has expanded its XSP business to build a presence in Singapore.
In Asia, SunGard’s XSP platform and XSPrisa Software-as-a-Service (SaaS) solutions help broker-dealers, asset managers and financial services firms to eliminate traditional manual processing associated with corporate actions.
“SunGard’s XSP’s move to help improve corporate actions processing automation in Asia-Pacific comes at a time when the region is setting plans in motion,” said Virginie O’Shea, senior analyst at Aite Group.
“Japan is first up to bat by planning to support ISO 20022 for issuer messages by June 2014 and the Australian Stock Exchange is currently working on its plan to mandate the use of ISO 20022 standards for issuers listing on the exchange."
"Four additional countries—India, Thailand, Singapore, and Indonesia—are live on ISO standards and seven additional countries have projects in progress. A focus on technology automation is a must for firms that want to continue operating efficiently amidst the shifts taking place in the corporate actions space.”
“As volumes and complexity of corporate actions increase, growing operational risk is being managed via costly manual processes,” said Harry Rana, director of business development in Asia-Pacific, SunGard’s XSP.
“This is especially true in Asia, where the tendency has historically been to manage risk by increasing headcount rather than automation. SunGard’s XSP delivers multiple advanced technology solutions to manage every critical step in the corporate actions lifecycle. Our solutions increase firms’ levels of straight-through processing by reducing the need for manual intervention, thus minimizing the possibility of human error.”
XSP was acquired by SunGard in December 2012. XSP automates the full corporate actions lifecycle and aims to reduce the risks associated with manual processes.
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