DataArt Announces its Role in Completing Development for XSP

Software Development Firm Designs New Research Data Subsystem for Popular Enterprise Financial Solution

NEW YORK, October 27, 2010DataArt, a high-end software development company headquartered in New York with R&D centers in Eastern Europe today announced it has completed enhancements for XSP, the global leader in automated end-to-end Corporate Actions software.

The XSP® v5 platform is the state-of-the-art solution from XSP developed to automate each step in the processing of global Corporate Actions. Deployed locally or ‘In the Cloud’, the XSP v5 platform is built around a service-oriented architecture (SOA), utilizing Web Services for global enterprise-wide processing. Accredited with the SWIFTReady label, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to mitigate operational risks and costs for end-to-end straight-through processing (STP).

“DataArt understands our mission of delivering timely and innovative solutions with robust functionality to help our clients maximize operational efficiencies,” said Dan Retzer, Managing Director and Chief Technology Officer at XSP. “When we initiated development of our Research Data module to help XSP clients manage this additional data pertinent to Corporate Actions processing, we selected DataArt to ensure that this project was delivered on time and on budget. We have worked with DataArt on previous engagements and were confident in their ability to help us enhance our offerings while providing excellent service.”

The XSP software eliminates the traditional, manual processing of Corporate Actions – one of the industry’s most complex and high risk functions to automate. The XSP v5 solution conforms to industry standards and is designed to integrate with financial data vendors in all widely used data formats. Clear modular design and extensibility allows customization and expansion of the system to meet new requirements in the constantly changing world of finance.

DataArt was selected to develop and implement custom enhancements to the existing XSP product suite. The data processing engine in the new Research Data subsystem has been extended to process shares and pricing data workflow with a highly-flexible configuration used to define the rules of data processing and results evaluation. DataArt designed an additional front-end UI to provide data and configuration management for the research data. The new subsystem was incorporated into the XSP application and met all infrastructure requirements: connected with audit and logging support layers, the XSP Event Driven Architecture, and UI permissions configuration.

“XSP’s focus on their clients’ unique needs and delivering innovative yet stable solutions have kept them as the leader in Corporate Actions automation,” said Eugene Goland, President of DataArt. “We’re delighted and excited that XSP turns to DataArt for challenging projects that demand intuitive thinking, razor sharp attention to detail and consistent timely and first class delivery.”

About DataArt

DataArt (www.dataart.com) is a high-end software engineering firm with industry-specific expertise in financial technology, online travel, telecom and media sectors. The company specializes in enterprise application development, system integration and business automation tools. In 2006-2010, DataArt has been named one of the world's top and fastest growing providers by BusinessWeek, Global Services 100, IAOP and Inc. Headquartered in New York City, DataArt runs four R&D centers in Russia and the Ukraine, and maintains offices in London, UK.

About XSP

XSP (www.xsp.com) is the global leader in end-to-end Corporate Actions automation solutions for the global financial services industry. Accredited with the SWIFTReady Corporate Actions Label, the XSP platform is SWIFT ISO 15022 compliant and proven to mitigate the operational risks and costs associated with Corporate Actions processing. This leading-edge solution features an extensive workflow module and robust data management tools. XSP’s Web-based eTRAN® and SWIFT ISO messaging modules automate the client notification and response capture and reconciliation of elections on complex Corporate Actions events. The XSP Entitlement Management module completes the Corporate Actions processing lifecycle for true end-to-end straight-through processing. With over 60 global clients, the XSP software is the most widely-implemented Corporate Actions solution in the world.

XSP is a Microsoft Gold Certified Partner and has achieved a Microsoft Competency in ISV/Software Solutions. The Company has also been named Corporate Actions ‘Company to Watch in 2010’ by Financial-i Magazine. For more information, please visit us at www.xsp.com.

Media Contacts:
DataArt
Vica Vinogradova
+1-212-378-4108 x 4014
vica@dataart.com

XSP
Wendy Chan
+1 646 300 6803
wchan@xsp.com