BetaNXT CastX Automates & Streamlines End-to-End Management of Corporate Actions—
Laying Groundwork for New Era of Financial Engagement
BetaNXT, a leading provider of wealth management technology solutions with real-time data capabilities and an enhanced advisor experience, has officially rolled out BetaNXT CastX, an innovative solution for efficiently managing corporate actions from end to end and maximizing the value that investor communications can provide.
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The introduction of BetaNXT CastX marks the latest milestone in BetaNXT’s ongoing efforts to streamline workflows for corporate actions. Developed in response to feedback from brokers and advisors, it addresses common issues such as manual data entry errors, complex communication chains, and delayed notifications. Corporate actions, which include tender, exchange and conversion offers, are actions taken by publicly traded companies that have a material impact on the company and its shareholders. Historically, many financial institutions have relied on manual processes to manage corporate actions, exposing them to operational risks, errors, and delays. BetaNXT CastX automates the entire corporate actions lifecycle from announcement data sourcing to DTCC submission to tax reporting—reducing risks, minimizing mistakes, and improving transparency and efficiency.
“BetaNXT CastX’s capabilities alert advisors to the corporate actions taken by companies whose securities are held in their clients’ portfolios and help them make sense of the financial impact the actions can have,” said Bob Santella, CEO of BetaNXT. “What we have developed is a frictionless, front-to-back solution which, through the use of accurate data from multiple sources, can be tailored to help many different stakeholders—advisors, as well as investors, corporate issuers, investment managers, and operations staff—adapt to meet evolving needs, without disrupting their existing workflows.”
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BetaNXT CastX is part of BetaNXT’s broader connected ecosystem of solutions including DataXChange, artificial intelligence (AI) capabilities, and a cloud-first deployment model which enables the seamless sharing of data across multiple systems. Powered by Snowflake’s AI Data Cloud, DataXChange brings together internal and external inputs to simplify the exchange of data for wealth management firms and their partners, and optimize what data can do for their businesses and clients. BetaNXT CastX has been built on DataXChange, so that advisors at wealth enterprises, and the investors they work with, can comprehensively view the corporate actions they need to take note of, and understand the impact those actions may have on investors’ portfolios.
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BetaNXT CastX provides firms with the flexibility to adopt the solution’s entire suite of modules for streamlining corporate action workflows, or choose individual modules to meet their specific needs. They include:
- Sourcing & Setup: Automates sourcing, scrubbing, and sharing of offers.
- Notification: Enabling omnichannel delivery of notifications and reports.
- Election Capture: Digital tools for corporate election submissions and tracking.
- Election Submission: Streamlines Depository Trust & Clearing Corp. (DTCC) submissions, with the goal of improving accuracy.
- Allocation: Automates transaction processing for entitlements.
- Cost Basis: Allocates cost to new securities and calculates gains/losses for taxable events.
“We at BetaNXT believe the role of an investor communications provider isn’t just sending investor materials and notifications—it involves reducing confusion and empowering investors with confidence with their financial future,” said Chris Nobles, Division Executive for Mediant, a BetaNXT business. “BetaNXT CastX positions us as the leading force in a new era of financial engagement, where a platform which adapts to every investor and advisor can insert data-driven insights midstream into investors’ daily lives.”
Source – PR Newswire
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