SunGard expands Singapore XSP operation
12 August 2013
News, Asia, Singapore
By Asia Asset Management
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. XSP was acquired by SunGard in December 2012.
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,” says Virginie O’Shea, senior analyst at independent research and advisory firm 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,” says Harry Rana, director, business development, 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 minimising the possibility of human error.”
“Automating corporate actions on a single platform allows Asia-Pacific financial institutions to eliminate manual processing, reduce operational and reputational risks and financial exposure with a protocol that is consistent across the many language groups in the region,” says Brendan P Farrell, Jr, executive vice president of SunGard’s XSP.
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