State Street and payments and processing provider SSISearch have developed a new method of online settlement that will allow State Street clients to retrieve CLS and other settlement information from SSISearch databases. These clients will no longer need to maintain their own settlement instruction database. The application will be available via State Streets Global Link network and its post-trade confirmation matching and settlement product, GTSS.
The SSISearch Global Directory is a banking industry initiative meant to create a centralized source of contact information and fully authenticated standard settlement instructions to help reduce settlement risk and improve Straight Through Processing (STP).
As the online trading environment becomes more complex, we continue to provide our customers with the most innovative products and services to help them navigate this complexity, said Stanley Shelton, executive vice president and head of State Street Global Markets. By teaming up with SSISearch to offer SSISearch directory access on our Global Link network, we will help transform our clients payment processing and settlement routines and promote greater STP and cost savings within their FX activities.