Industrial and Commercial Bank of China Financial Services, a wholly owned subsidiary of ICBC, has gone live with DTCC ISO 20022 corporate actions message format using SunGard’s XSPrisa technology.
The firm is using SunGard’s XSPrisa solution on a software-as-a-service basis to process corporate actions in the new ISO 20022 messaging standard. The transition to ISO 20022 is part of DTCC’s transformation initiative to adopt industry-wide standard messaging by 2015.
The updated messaging includes enhanced data elements to help improve identification and representation of corporate actions events, thereby mitigating the risk of misinterpretation of data and ultimately enabling greater straight-through processing (STP).
“By becoming an early adopter of the DTCC transformation initiative, we are able to introduce greater automation to help mitigate risks and maximise efficiencies in an area of operations that has traditionally been manual and error prone,” said Kevin McKeown, chief operating officer of ICBC Financial Services.
“SunGard’s XSPrisa SaaS-based solution helped us eliminate the costly technology deployment, and we were able to go live with the ISO 20022 corporate actions messages in a matter of days.”
“With the number of ISO 20022 corporate actions announcement messages surpassing the 250-million-reference mark, DTCC continues to work directly with clients as well as solution providers to help industry participants manage the soaring volumes and increasingly complex events,” said Daniel Thieke, DTCC managing director and general manager of settlement and asset services.
“The DTCC transformation initiative is a key focus for SunGard’s XSP; we are working with our customers to help them manage the required systems changes before DTCC’s 2016 deadline for transitioning to ISO 20022,” said Brendan Farrell, executive vice president, SunGard’s XSP.
“For XSP customers, SunGard is taking the lead and automating this effort.”
