With imprecise and inaccurate settlement data being a major cause for costly failed transactions, Bankersalmanac.com's expanded SSI coverage categorises commercial payments, foreign exchange and money markets to provide dependable and accurate settlement information for these types of transactions.
As the leading source of intelligent reference data for international banks undertaking payments, compliance and risk assessment activity, Bankersalmanac.com researched the universe of some 4,000 international banks to collate and verify the SSI information.
Commenting on exceeding the 100,000 SSIs mark, Ben Cleaveley, Senior Product Development Manager for Bankersalmanac.com, said: "For banks creating and maintaining SSI databases is exceptionally hard work. From the outset we've received a very positive response from the banks and their payments contacts are more than happy to work with us."
Bankersalmanac.com's SSI initiative is just one of the reference data provider's initiatives this year to aid the market in finding clarity and certainty when it comes to essential settlement information.