Treasury Management Internation Logo

ICBC Financial Services Goes Live with DTCC ISO 20022 Corporate Actions Messages Using SunGard’s XSP

Published 

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.

Most recent episodes

Trends in RFPs and RFIs: What Treasurers Want

Eleanor Hill (TMI) invites Dick Oskam and Bert Van Drie (ING) into the TreasuryCast hotseat to find out what trends treasurers want to see emerge from the Request for Proposal (RFP) and Request for Information (RFI)...

33:16

Creating a Connected Financial Office

When data flows are connected, it’s so much easier to make quick and accurate decisions. This is the principle behind the notion of the connected financial office. In this podcast, Gareth Priest (Bottomline Technologies) provides informed advice on how...

18:34

Journeys to Treasury: Managing Changing Perspectives

For this special edition of TreasuryCast, we showcase the results of the Journeys to Treasury 2021-22 report. Here, Jan Dirk van Beusekom (BNP Paribas) and Christian Mnich (SAP) offer Eleanor Hill (TMI) an informed view...

33:03

Cybersecurity for Treasurers

Cybercrime and fraud is on the rise and new attack vectors are emerging with alarming frequency. In this podcast, Nicolas Trimbour (BNP Paribas) and Laurent Sarrat (Sis ID) provide an overview of the latest tools and best practices treasurers should be employing...

37:53

A New Treasury Ecosystem: Open Banking, APIs, and BaaS

For this special edition of TreasuryCast, Eleanor Hill invites Peter Claus-Landi (GE) and Jared Smith (HSBC) to cover how key API-centric developments are changing the treasury landscape. With APIs significantly...

18:02

Using Data as the Corner for Finance Transformation

Many organisations face challenges in managing spend, payments, and cash effectively due to siloed processes and datasets across multiple departments. In this podcast, Ulrika Haug (Coupa) and Kim Estes (The Knot...

29:20

Realising Treasury’s True Value – A Strategy for Change

Join John Meehan (Froneri) to hear how Froneri utilised a year of no acquisitions and no meetings to implement a total transformation project through implementation of a TMS, unlocking the true value of his corporate...

49:14

Lessons from Innospec on Building a Strong Cash Culture

Without ready access to the key metrics of cash forecasting, Andrew Hawes (Innospec) knew the business could do little more than react to events. But without the collaboration of key stakeholders too, he knew that...

35:08

How to Make Your TMS the Ultimate Investment Tool

The right TMS can be a huge asset to treasury. But these one-stop shops often fall short when it comes to short term investment workflows. In this podcast, Ed Lopez, James Griffin (Calastone), Jeannot Jonas (Carrier...

01:24:00