SSI Financial combines LogicScope's expertise in financial transactions and messaging - already deployed in the majority of dealing rooms on a global basis - with the extensive knowledge-base of CB.Net and specifically its international payments directory, BankSearchPlus*. As part of the Joint Venture, SSI Financial will provide the most comprehensive and accurate database of Standard Settlement Instructions (SSIs) commercially available.
At this yearâs SIBOS in Singapore, CB.Net announced that it is developing a collaborative framework with SWIFT to address the issue of true STP. Financial institutions are striving for true Straight-Through-Processing (STP) and SSI Financial takes an innovative and unique approach by ensuring that correct settlement instructions are appended to deal tickets right from the beginning of the deal process. By verifying and correcting SSI details immediately post-trade, SSI Financialâs system helps to ensure STP from the start of the trade process, before reaching the back office. SSI Financial will be addressing banks' primary STP objectives by increasing STP rates and reducing the cost of trade failures caused by incorrect reference data.
Over the last three years, CB.Net has built a database of over 70,000 SSIs for 8,300 Bank Identifier Codes (BICs) that are updated daily, both by the banks themselves and using data supplied via SWIFT. With this extensive resource of up-to-date payment instructions and LogicScopeâs position in transaction messaging, SSI Financial will provide systems to improve industry practices leading to substantial cost savings and greater efficiencies.
"The response from the banks at SIBOS has been phenomenal," says Ian Dunning, managing director of CB.Net, "In recognition of the client requirement for constantly updated and accurate reference data integrated with back office systems, we are delighted to have joined forces with LogicScope, the acknowledged leaders in the provision of real-time, secure deal notification to financial institutions, to form SSI Financial. These are exciting times."
Nick Dyne, managing director of LogicScope, said, "SSI Financial provides a vital part of the STP jigsaw. It doesnât matter how efficient and straight through an institution's processes are if they have inaccurate or missing data. We are delighted to work with the suppliers of the best source of SSI information available. The SSI service is a natural extension of our transaction delivery software. The initial market reaction has been extremely positive, and we expect to make further significant announcements this year."