Global fintech company Contemi Solutions has launched the latest version of its corporate actions processing solution, which has been updated with modern technology.
The new enhancements, including improvements to straight-through processing (STP), future proof event processing and managing future resource requirements, are set to help combat the challenges associated with corporate actions.
Contemi’s latest version of its Corporate Actions targets STP rates for voluntary events of 85 per cent or higher while improving customer service to all stakeholders.
New functionality includes strong notification management, management of different event types for the same event notified by multiple intermediaries and data vendors, and a new processing engine which future proofs against any new event type/best practice by allowing the easy configuration of any desired outcome.
Contemi has also boosted task management and configuration, and the ability to conduct pre-processing (a dummy run) against specific events to ensure the results are consistent with that received from an intermediary.
According to the fintech, understanding that there is likely to always be a manual component to corporate actions processing, and by request from customers, the application has been significantly enhanced with a management information (MI) reporting capability.
Contemi explains that 54 per cent of the industry perceive corporate actions to be poorly automated in their own organisations. Corporate actions have defied the general trend towards automation and rates of STP have remained “stubbornly low”.
Mandatory events are often well automated with STP rates above 98 per cent. However, Contemi notes that event complexity, data inconsistency and the number of internal/external touchpoints have left aspects of voluntary events to be managed manually, increasing cost and risk.
Phil Jarvis, assistant director, systems and operations, Blankstone Sington, comments: “Contemi’s Corporate Actions solution has helped transform our operations. It has enabled us to centralise our processing and achieve a higher degree of automation for simple
dividends through to complex stock events, whilst improving management oversight.”
Kean Williams, CEO of Contemi Solutions Europe, cites: “This underlines our commitment to the incremental improvement of our applications in order to provide better STP and the resulting lower risk and costs to our customers.”
“The additional functionality that has been added to Contemi’s Corporate Actions application has been driven by our customers to solve their immediate processing needs and those of the wider financial services industry,” adds Williams.
Learn more about corporate actions and industry views on this topic here.
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