London, UK, 1st August 2005 – SSISearch Ltd, a provider of authenticated settlement information for the payment markets, will exhibit its complete range of payment processing solutions at this year’s Sibos event in Denmark. SSISearch will demonstrate its Global Directory product for commercial payment, foreign exchange and money market settlement as well as its CLS Directory.

SSISearch will be celebrating the company’s success over the past year, where it has experienced marked growth in the number of banks publishing their own reference data on its Global Directory product.

The company believes this accelerated growth is the result of launching a commercial payments solution early in 2005, as well as moving to a strategy that allows banks and financial institutions to display their settlement information to other users free of any charges.

"The move into commercial payments is based on our core principles of helping banks and financial institutions to reduce their exposure to the operational risk in settlement, improve their STP rates and find more efficiencies in the back office," comments Ben Cleaveley, Product Development Manager, SSISearch. "The switch in strategy to allow banks to list their information on a ‘free to publish’ basis is simply the next step to achieving our ultimate goal of becoming the industry standard for the storage, maintenance and retrieval of guaranteed accurate, self maintained, fully authenticated reference data."

Cleaveley believes that these developments, coupled with the fact that the market appears to be shifting its’ focus towards quality as well as quantity when it comes to reference data, are behind the growth in the number of banks wanting to publish authenticated information through the company’s Global Directory website.

He continues, "We’ve spent a lot of time since starting the SSISearch project two and a half years ago championing the cause for absolute accuracy when it comes to standard settlement instructions and payment processing advice. With the market now shifting its attention towards that goal and the acceptance of our methodology amongst the payment markets key players, it looks like our efforts will stand us in good stead for the future."

Sibos 2005
5th – 9th September, Copenhagen, Denmark
Stand number: C388

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