State Street Announces Updates to Its Product and Technology Offerings
April 17 2008 - 1:00PM
Business Wire
State Street Corporation (NYSE:STT), the world�s leading provider
of financial services to institutional investors, today announced
new updates to its product and technology offerings to strengthen
its industry-leading online information delivery tools for
customers. �State Street is further differentiating itself from the
competition with our continued focus on enhancing our technology,�
said Christopher Perretta, executive vice president and chief
information officer at State Street. �Our understanding of the
complexities our customers face, combined with the continuous
evolution of the industry helps us identify and select the best
technology solutions for our customers� needs.� Third-Party Risk
and Compliance Offering State Street recently expanded its ability
to receive third-party holdings data on behalf of its customers.
Available on my.statestreet.com, the new service provides State
Street customers with a global solution for reporting in two
critical areas, risk and compliance, which continues to be a key
area of focus in the industry. This new capability allows customers
to consolidate the activities they have across multiple service
providers into a global standard with an enriched data set
utilizing State Street Investment Analytics� robust solutions for
post-trade investment compliance and risk reporting. The data set
offers a consolidated risk and compliance profile allowing
customers to monitor exposure and risk results across their plans
and managers globally. Plus Web State Street has launched a new Web
application to support its retiree services business. This new
application, Plus Web, allows employers and administrators to self
administer their retiree data, manage demographic information and
reconcile their benefit payment process. Previously, State Street
offered retirement payment processing services to their customer
base as a total business outsourcing solution. State Street
customers now have the option to continue to maintain their
employee retiree information on State Street�s proven PLUS
platform, and will be able to in-source the administration and
management of participant and retiree information. �Plus Web,
accessible via my.statestreet.com for our trust and custody
customers, is yet another tool we provide to plan sponsors to
assist them in meeting the daily needs of pension administrators,�
said Michael Williams, executive vice president of institutional
investor services at State Street. The dedicated portal, developed
by Computer Sciences Corporation (CSC) in collaboration with State
Street, is customized for the needs of each user, provides a custom
queries tool for creating reports and an open workspace area for
posting shared documents. Administration Product Suite (APS) State
Street recently introduced an enhancement for its Administration
Product Suite (APS) application, which is designed to support
service offerings to US mutual funds and similar entities. This
proprietary, Internet-based application supports automated survey
reporting to industry media companies on behalf of their customers.
The new application is an upgrade to prior technology, Fund
Administration Workstation (FAW). This enhancement underscores
State Street�s continued focus on monitoring and reporting fund
performance statistics to fund directors and shareholders.
Corporate Action Service Enhancements State Street has announced
several enhancements to its corporate action services, which will
be available in the second quarter of 2008. With these latest
upgrades, State Street will provide customers with enhanced
messaging, including email alerts advising them that they have
received a notification of a corporate event. In addition,
customers can also elect to receive messages from State Street
confirming that their response to a voluntary corporate action has
been received for further processing. State Street customers who
are SWIFT-enabled can now elect to receive an instruction status
message that is used to advise customers of the status or change of
a corporate action instruction. The message will be generated near
real time once the response has been updated in the State Street
system. About State Street Corporation State Street Corporation
(NYSE: STT) is the world's leading provider of financial services
to institutional investors including investment servicing,
investment management and investment research and trading. With $15
trillion in assets under custody and $2 trillion in assets under
management at March 31, 2008, State Street operates in 26 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street�s web site at www.statestreet.com.
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