XSP Provides Corporate Actions Functions In SaaS Offering

XSP, a provider of automated end-to-end corporate actions systems, has launched a new software as a service (Saas) offering that is intended to make key functions of its XSP v5 platform available to tier-two clients.

The new XSPrisa SaaS offering shares the same core as the XSP v5 platform and makes the main data management and scrubbing functions of the platform available to clients via a customizable dashboard. Additional functionality for response processing and notifications will be made available in coming weeks, according to Daniel Retzer, managing director and chief technology officer at XSP.

"From a core perspective, the modules themselves – around Swift, Swift notifications, the ability to send notifications, respond against those notifications and actually perform data management – are from a high level pretty much the same as what you have in v5, but we have basically taken the top 20% of those respective areas and made them available within the dashboard," says Retzer.

The new cloud offering – which is available on a pay-as-you-go, subscription basis – will be of particular use to tier-two firms that do not have extensive IT and operations staff, according to Retzer. "They need a solution just like the larger players in the market, but they don't want to lay out the same capital in order to obtain that product," he says. Tier-two clients constitute a "largely untapped and under-serviced market," says Retzer.