Fifth Third Bank will migrate onto a new .NET based corporate actions processing system from software provider XSP that uses .NET and Web services for global and enterprise-wide processing. Fifth Third Bank will be one of the first institutions to migrate onto the new system, called XSP Corporate Actions v5, and the migration should bring the bank added flexibility and scalability in corporate actions processing.
The multi-year agreement represents a renewal of the nearly decade-long relationship between XSP and Fifth Third Bank. The new XSP v5 has been re-engineered with advanced Microsoft technologies. It is built around a service-oriented architecture and uses Microsoft .NET components and Web services for global, enterprise-wide processing. The v5 solution is modular in structure and uses a rules-based workflow engine. The platform is also SWIFT 15022 compliant and includes more feature-rich functionality for global corporate actions processing and superior straight-through processing.
“The migration onto the XSP v5 platform positions us for continued success by utilizing innovative solutions in our operations to reflect the high-quality products and services that we deliver to our clients,” says Diana Willen, vice president, manager of trust securities services at Fifth Third Bank.
The modular .NET-based structure of the new system facilitates its flexibility and scalability, according to Frank Piraino, managing director of global operations and client services at XSP. “We built the XSP v5 platform to provide scalable solutions that expand with our clients’ growing needs," he says.
Brendan P. Farrell, Jr., chief executive officer of XSP, has described the re-engineering of XSP as a sizeable undertaking, involving “significant investments” and three years of product planning and development. “The XSP v5 solution also symbolizes our commitment to Microsoft and our active role in partnering with its worldwide vision in the capital markets space,” he says.