ICBC Financial Services Goes Live with DTCC ISO 20022 Corporate Actions Messages Using SunGard’s XSP
Published: April 21, 2014
Industrial and Commercial Bank of China Financial Services (ICBCFS), a wholly owned subsidiary of ICBC Limited, has gone live with DTCC ISO 20022 corporate actions message format using SunGard’s XSPrisa technology.
ICBCFS 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. ISO 20022 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).
“ICBCFS is committed to streamlining our corporate actions processing by remaining at the forefront of technology and adopting ISO 20022 message standards. By becoming an early adopter of the DTCC Transformation initiative, we are able to introduce greater automation to help mitigate risks and maximize efficiencies in an area of operations that has traditionally been manual and error prone. 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.” - Kevin McKeown, chief operating officer, ICBC Financial Services, LLC
“ICBCFS is taking an important step forward in the adoption of ISO 20022 standards. By migrating to one global messaging standard, ICBCFS can benefit from reduced risks and costs while promoting greater STP. 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.” - Daniel Thieke, DTCC managing director and general manager, Settlement & Asset services
“By working with SunGard’s XSP team to support ISO 20022 standards, ICBCFS is leveraging XSPrisa technology to help reduce risks and drive efficiency in corporate actions processing. 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. For XSP customers, SunGard is taking the lead and automating this effort.” - Brendan P. Farrell, Jr., executive vice president, SunGard’s XSP
SunGard’s XSP solutions help custodians, broker-dealers, asset managers and financial services firms to help eliminate traditional manual processing and risk associated with corporate actions.