The corporate actions system uses 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.
ADP Brokerage Services Group, a division of Automatic Data Processing, Inc, built the new browser-based corporate actions system in partnership with the XcitekSolutionsPlus XSP application, according to a news release. Since the XSP system is integrated with BPS, all data required for corporate actions processing is held and maintained on the BPS engine, which updates the corporate actions system in real-time.
This system enables financial advisors to enter shareholder elections on voluntary reorganizations using the browser-based branch access system. Sales personnel are able to see all shareholder accounts that hold the position as well as summaries of those that have and have not made elections. The elections entered in branch access are posted directly to BPS for booking.
Additionally, the corporate actions system is integrated with ADP’s Investor Communication Services (ICS) to streamline mailings to shareholders with securities involved in voluntary corporate actions.