SSI Search Adds Money Markets And Commercial Payments Data To Its Reference Data Directory

SSISearch, the reference data service provider, is adding authenticated money market and commercial payments reference data to its armoury. The new service will be unveiled at Sibos in Atlanta, Georgia, in October. The extensions of the SSISearch Global Directory product

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SSISearch, the reference data service provider, is adding authenticated money market and commercial payments reference data to its armoury. The new service will be unveiled at Sibos in Atlanta, Georgia, in October.

The extensions of the SSISearch Global Directory product offering are designed to strengthen and complete the company’s initial product offering, which is already confied to the FX settlement marketplace.

“The move into coverage of Money Market and Commercial Payments reference data is a natural progression from our core FX service and these enhancements are something we’ve been planning since the launch of The Global Directory at last years Sibos event” explains Mike Convey, Sales Director, SSISearch. “The demand for timely and authenticated counterparty instructions is just as strong amongst money market and commercial payment operations as it is for FX. Our efforts in helping some of the world’s largest trading banks to reduce risk and improve efficiency in FX settlement led to a number of these customers highlighting the same basic need within these two markets. The extension of our Global Directory product offering into these areas completes our initial offering and is the first step to achieving the company’s ultimate goal of one central repository of authenticated reference data for all products traded in the financial sector.”

The Global Directory followeds the company’s launch of The Settlements Directory for CLS, which is now being used by more than three quarters of the CLS community. The product – which was developed in consultation with CLS and its members to serve the CLS community’s reference data needs – has become the platform for the SSISearch Global Directory.

The main difference between the products is that The Global Directory allows organisations settling FX trades outside the CLS environment to search for the appropriate contact details and SSIs they need to effect settlement. Users enjoy the certainty that all data is provided following standard authentication procedures.

The SSISearch Global Directory aims to remove one of the last remaining barriers to “genuine” STP – accurate and timely reference data. “It is an industry initiative which receives the full support of CLS and provides members with unique clarity,” says an SSISearch spokeswoman. “Unlike any other reference data source, the SSISearch Global Directory offers users authenticated standard settlement instructions and contact details that are updated in real time. All of the reference data contained in The Directory is entered, authenticated and managed by the subscribing institutions themselves, delivering a standard of accuracy not previously seen in the industry. Coupled with instant access to the information through a secure internet connection, users have constant access to the most up to date and accurate settlements information available in the FX settlement market. Participants are therefore able to use the product to drive improvements in STP rate, a reduction in their exposure to operational risk and cost savings in both the front and back office.”

Organisations already using SSISearch products on a regular basis include ABN AMRO Bank, Australia and New Zealand Banking Group, Bank of America, Bank of New York, Barclays Bank, Bayerische Landesbank, BNP Paribas, CIC, Citibank, Commerzbank, Commonwealth Bank of Australia, Credit Agricole (Calyon), Credit Lyonnais (Calyon), Credit Suisse, Danske Bank, Deutsche Bank, Dexia Banque Internationale Luxembourg, DnB NOR, Dresdner Bank, Fortis Bank N.V / S.A., HSBC Bank, HypoVereinsbank, ING Bank, Investec, JPMorgan Chase Bank, KBC Bank, Lehman Brothers, Llyods TSB, Mellon Bank, Morgan Stanley & Co, National Australia Bank, Nordea, Northern Trust Corporation, Oversea-Chinese Banking Corporation, Royal Bank of Canada, Royal Bank of Scotland, Saxo Bank, SEB (Skandinaviska Enskilda Banken), Standard Chartered Bank, State Street Bank and Trust Co., Svenska Handelsbanken, UBS, Westpac Banking Corporation, Zrcher Kantonalbank.

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