Xchanging, a UK-based provider of processing services to the financial services industries, has signed a contract with SIA-SSB, an Italy-based financial and payment systems services provider, to form an enterprise partnership (EP).
As part of this EP, Xchanging has acquired 51% of Kedrios, the Italian subsidiary of SIA-SSB that specializes in securities processing and fund administration services for the Italian market. With this EP, Xchanging enters the Italian outsourcing market.
Xchanging has assumed operational control of Kedrios and its 152 employees. Xchanging now employs over 1,300 staff and processes over 40 million transactions per year for more than 100 customers on its Continental European financial markets platforms.
According to Xchanging, with the addition of Kedrios for funds processing, it can now offer an integrated platform for securities processing, investment account administration and fund administration services and deliver significant economies of scale to customers.
David Andrews, CEO of Xchanging, said: “This enterprise partnership marks a major step forward in our European growth strategy. Italy will be our 10th country of operation. We are delighted to be entering this market with a strong player such as SIA-SSB.”
Massimo Arrighetti, CEO of SIA-SSB, said: “Xchanging has selected SIA-SSB to enter the Italian market, acknowledging the high reputation that for 33 years has distinguished our company in the financial industry. There is the potential for generating mutual benefits from this partnership. With Xchanging, we share our core values: a proven track record, extensive know-how, quality and reliability of services.”