Standard Chartered To Use GoldenSource for Corporate Actions
March 15, 2009
Standard Chartered Bank plans to use technology from GoldenSource Corp. to normalize corporate actions notifications for its securities services clients in the Asia-Pacific region.
In the first phase of the implementation, GoldenSource’s Securities & Products system will provide Standard Chartered’s custody platforms with cleansed and validated corporate actions announcements, said Gert Raeves, SVP of business development for the New York-based provider of enterprise data management technology.
According to Raeves, Standard Chartered will be able to reconcile corporate actions data from Reuters DataScope with local subcustodian banks in 17 Asia-Pacific markets using International Organization for Standardization (ISO) message types. However, Standard Chartered will have to use its existing systems to send the notifications to clients.
“The deployment allows Standard Chartered to consolidate its corporate actions processing in Hong Kong,” said Raeves, “and will reduce the amount of manual intervention.” Standard Chartered has been using several software applications in combination with manual processing in multiple Asia-Pacific locations. Standard Chartered, along with HSBC, Citigroup and Deutsche Bank, is among the region’s largest custodians.
“Corporate actions announcements are a critical and high-risk part of our customer’s business processes,” said Giles Elliott, global product head of Standard Chartered’s securities services arm, in a statement. He credited his firm's selection to GoldenSource’s “mix of functionality, architecture and domain expertise.” Michael Meriton, CEO and president of GoldenSource, called the bank “a flagship client” in his company’s Asian expansion.
Raeves said that Standard Chartered is the first customer to use Securities & Products initially for corporate actions notifications. Others such as HSBC, Daiwa Securities and Nordea Bank have used the platform for reference data scrubbing before adding the corporate actions functionality. About 45 clients use GoldenSource for reference data validation; six banks also use it for corporate actions.
GoldenSource competitors include Fidelity ActionsXchange, Information Mosaic and Fiserv.
