London, 28 May 2003 - Misys Wholesale Banking Systems today announced the
launch of its Standing Settlement Instructions (SSI) web-based maintenance
and notification service developed by its CMS product division. This
service offers an efficient, low cost, maintenance tool that helps corporate
investment managers, brokers and banks manage risk and achieve
straight-through processing (STP).
The Misys SSI service was developed under the direction of leading
investment managers, multi-national corporations, and financial
institutions. Together with the Misys CMS matching service, SSI addresses
the need for an effective confirmation and settlement matching service for
the foreign exchange (FX) market. SSI is used to create and maintain
correct, consistent and concise settlement instructions in SWIFT formats,
which can be shared between counterparties and other interested parties.
"With the introduction of the Misys SSI Service, FX market participants will
finally be able to conform to the Federal Reserve Bank of New York FX
Committee's Best Practice guidelines as outlined in their March 2003
Management of Operational Risk in Foreign Exchange Report," said Gilmore
Bray, Misys CMS product manager.
"Standing Settlement Instructions should be issued in SWIFT/ISO formats via
a secure channel and be in place with all counterparties prior to trading.
Furthermore, we believe the SSI service, when used in conjunction with the
Misys CMS, offers the most efficient and effective service for eliminating
operational risk in the FX market today," said Mr. Bray.
This web-based SSI service enables forex market participants to provide
counterparties with access to necessary settlement instructions and receive
timely change notifications from them. All instructions are authenticated
with dual verification functionality and settlement data can be easily
integrated with in-house systems via XML or Export uploads.
Using Misys CMS and SSI, firms can automatically enrich settlement data to
confirmation messages received via clients to achieve an automatic match on
instructions. This also ensures that payments are formatted correctly and
John Hawkins, Misys CMS business line manager adds, "This service is even more valuable and necessary where markets and standards are undergoing tremendous change, such as in Europe, which is rapidly moving towards the creation of a single euro payment area where BIC codes and International Bank Account Numbers will be mandatory on all payment messages."