ADP Brokerage Services Group is releasing an automated corporate actions system based on XcitekSolutionsPlus' XSP platform.
The browser-based application is integrated with ADP's Brokerage Processing Services (BPS) back-office processing system and features a rules-based, data-scrubbing engine with built-in exception handling functionality.
The scrubbing engine receives announcement files from multiple vendors and automatically compares them, identifies and validates exceptions and publishes announcements to BPS. On the graphical user interface, exceptions are automatically allocated to and prioritised for individual users, while managers receive an overall view of exceptions and status, along with tools to manage the STP workflow. All data required for corporate actions processing is held and maintained on the BPS engine, which updates the corporate actions system in real-time.
Users will be able to see all shareholder accounts that hold the position as well as summaries of those that have and have not made elections.
The corporate actions system is also integrated with ADP's Investor Communication Services (ICS) to streamline mailings to shareholders with securities involved in voluntary corporate actions.
Commenting on the new system, Marianne Brown, SVP and general manager of ADP's Brokerage Processing Services, says: "With the addition of these new products to ADP's overall product suite, the STP functionality that we provide to clients in the arena of corporate actions processing has advanced tremendously."