Huntington National Bank Licenses XSP™ from Xcitek® for Corporate Actions Processing

PRLog (Press Release) - Mar 26, 2007 -
New York, NY, March 26, 2007 – Xcitek®, the leading global provider of Corporate Actions software, market data and consulting services, announced today that Huntington National Bank, a multi-billion dollar regional bank headquartered in Columbus, OH, has licensed the XSP™ software for automated Corporate Actions processing.  Huntington will also roll out eTRAN™ (Electronic Tracking Response and Notifications) to over 1,000 of its users for the automated notification and response capture of elections. In addition to XSP, Xcitek is providing Huntington with its award-winning Corporate Actions data.  

Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO 15022 compliant and features comprehensive data management components, workflow management modules, web and ISO messaging for client notification and response capture, and complete entitlement processing. Utilizing its rules-based, data-scrubbing engine with built-in exception handling capabilities, XSP captures and sanitizes data from multiple vendor sources and custodian data. Through workflow tools, tasks are automatically routed to designated parties to handle the required action. XSP also offers the ability to track event notifications and elections via its web-based module, eTRAN, by generating notifications to intermediaries for desired elections. Instructions are automatically updated to the back-end system for reconciliation and entitlement processing.

Rick Shea, Senior Vice President at Huntington National Bank, said, “We selected Xcitek because they hold the leadership position in providing high-quality Corporate Actions products and world-class client services.  For more than 140 years, Huntington has been providing the most innovative financial products and services to our customers. XSP will allow us to automate the processing of Corporate Actions data from Xcitek, while leveraging the eTRAN module to streamline internal and external client communications. We are delighted to enter into this agreement with Xcitek and look forward to the successful implementation of XSP at Huntington.”

Frank Piraino, Senior Vice President, XSP, at Xcitek, said, “Huntington’s selection of Xcitek’s solutions underlines our ability to provide end-to-end Corporate Actions processing and reduce the associated operational risks and costs. We believe that solid technology is crucial to helping our clients realize growth and business objectives in today’s highly-competitive environment. With XSP, Huntington is equipped with the technology and support needed to achieve their goals. We look forward to working with Huntington in capitalizing on XSP in their trust operations.”

About Xcitek
Founded in 1986, Xcitek is the global leader in Corporate Actions software, market data and consulting services to the financial community.

Accredited with the SWIFTReady Corporate Actions Label, XSP is ISO15022 compliant and features an extensive workflow module, robust data scrubbing tools, web and ISO messaging for client notification and response capture (eTRAN™), and complete entitlement processing to manage the entire corporate actions lifecycle -  thereby reducing risk and maximizing operational efficiency.  With over 55 licensed clients, XSP™ is the most widely-implemented corporate actions system in the world.

For more information, please visit www.xcitek.com or www.xsp.com.

About Huntington
Huntington Bancshares Incorporated is a $35 billion regional bank holding company headquartered in Columbus, Ohio.  Through its affiliated companies, Huntington has more than 141 years of serving the financial needs of its customers.  Huntington provides innovative retail and commercial financial products and services through over 380 regional banking offices in Indiana, Kentucky, Michigan, Ohio, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of nearly 1,000 ATMs.  Selected financial service activities are also conducted in other states including: Dealer Sales offices in Arizona, Florida, Georgia, North Carolina, New Jersey, Pennsylvania, South Carolina, and Tennessee; Private Financial and Capital Markets Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey.  International banking services are made available through the headquarters office in Columbus and a limited purpose office located in the Cayman Islands and another located in Hong Kong.

For more information, please visit www.huntington.com.