SWIFT, DTCC and XBRL US named most innovative solution provider
The Corporate Actions initiative, spearheaded by SWIFT, DTCC and XBRL US wins industry award for breakthrough achieved in creating a stakeholder group, which for the first time links issuers, intermediaries and investors to improve the processing of corporate actions.
SWIFT, DTCC and XBRL US (Corporate Actions) named "Most Innovative Solution Provider" for Corporate Actions by Financial-i magazine. The award is part of Financial-i's annual Leaders in Innovation Awards, which recognize global transaction banks and financial hardware and software vendors that have demonstrated an ongoing commitment to innovation throughout 2009 and who have excelled, in terms of business solutions, across wholesale transaction banking.
The award categories include: payments & FX; securities services; data management; risk management and network services.
Anita Hawser, Managing Editor of Financial-i, noted in a press release, "In selecting winners in each category we have tried to focus on those companies we and our advisory panel believe have that little something extra that makes their solutions stand out from their competitors in terms of depth and breadth of functionality, ease of implementation and support and solutions that are not looking for a problem to solve but actually address real business needs."
According to Financial-i magazine, the Corporate Actions team was selected by a panel of judges from the industry - financial institutions, consultants and research analysts - that were impressed with the breakthrough that SWIFT, DTCC and XBRL US achieved in creating a stakeholder group, which for the first time links issuers, intermediaries and investors to improve the processing of corporate actions. > Read the full article.
"We are honored to stand alongside SWIFT and XBRL US as the recipient of Financial-i's award for innovation in Corporate Actions," said David Hands, Director, DTCC Solutions LLC. "The launch of our global initiative, ‘Issuer to Investor: Corporate Actions', has, for the first time, brought together representatives from all the parties involved to address an area of high risk and cost within the financial services industry."
The Corporate Actions initiative was launched in May 2009. It builds on the work undertaken by DTCC, SWIFT and XBRL US to promote existing ISO (International Organization for Standardization) standards for corporate actions and integrates the benefits of XBRL (eXtensible Business Reporting Language) electronic data tagging technology. Key elements of the initiative include the establishment of a Stakeholder Group, which currently includes over 40 different companies and industry associations representing issuers, investors and intermediaries in the US. Another key element is the development of a taxonomy (X BRL's data dictionary) for corporate actions that will enable XBRL reporting.
Commenting on the award, Chris Church, Global Head of Securities and CEO of SWIFT Americas, added: "We are delighted to be named as "Most Innovative Solution" for Corporate Actions with DTCC and XBRL US. This is a billion dollar per year problem globally and a significant burden on the industry. However, with the creation of the I2I: Corporate Actions group and the active participation of the industry, we are making great strides to resolve a very complicated problem while helping to reduce the overall costs to the industry."
For more information about the Corporate Actions initiative, please visit SWIFT Corporate Actions or visit Corporate Actions websites.
Financial-i, is a UK-based financial technology publication that focuses on how technology is being leveraged to provide business solutions in wholesale transaction banking.
| > 200,000 corporate action events are announced each year in the US alone > The process is almost entirely manual and prone to errors > Risk is high and not limited to the US market – worldwide, there are close to 1 million announced corporate actions every year. > Industry losses on corporate actions worldwide run about $1 billon dollars per year |