The dynamic nature of SSI information and the lack of recognised industry standards have meant the settlement process is impacted by many SSI-related problems. In their recent white paper, industry association ISITC summarised issues surrounding SSI management; these ranged from problems created with data stored on multiple databases internal and external to the organisation, time spent re-keying data, inconsistent formatting, lack of standards, duplication of data to unclear roles and responsibilities between parties.
Recent developments in SSI automation have moved to a new level of sophistication with industry leaders like SWIFT introducing the "settlement chain" concept. SWIFT's adoption of the new ISO15022 message types and changes in Thomson's ALERT product, moving from free text to a discrete data-field approach adds a new level of complexity. Until now, the missing part of the puzzle was tools that enable users to take advantage of these new possibilities:
"Institutionalised neglect is compromising the settlement process. The current SSI management process is complex, it's fragmented and there are multiple points of failure. Operational risk is unacceptably high." points out Gert Raeves, SSI Product Manager at HelioGraph. "Our marketplace is so dynamic that keeping pace with change is not easy. At HelioGraph, we recognise this fact and work closely with the industry and our clients to bring to market innovative tools that help ease this burden. TradeFlow will help clients manage the entire post-trade process, in today's local as well as tomorrows central matching environment. We are very excited to release SSI Manager today."
HelioGraph's SSI Manager has addressed the requirements of users who find themselves impacted by STP initiatives and the myriad of changes brought about by the growing demands on the settlement chain process to handle every increasing volumes of trade, reduce settlement time and minimise risk. The enriched functionality of the SSI Manager, ensures TradeFlow clients have access to a sophisticated, user-friendly interface that guides them through the business logic of settlement relationships with the comfort that the system is based on a data dictionary compatible with industry standard content and a database structure that incorporates settlement chain logic.
In addition, the seamless integration with TradeFlow allows intelligent just-in-time trade enrichment and the headache of maintaining large SSI universes is eased with the built in templating, workflow and auditing capabilities of the SSI Manager. Another innovative step forward in the drive to enhance trade communication and improve the settlement process has been made by HelioGraph.