London-based messaging vendor Heliograph has added a new standard settlement instruction (SSI) automation tool to its Tradeflow post-trade transaction management product.
The new software is based on ISO 15022 settlement chain logic and is compatible with both Omgeo and GSTP data requirements for cross-border securities processing.
"The current SSI management process is complex, it's fragmented and there are multiple points of failure. Operational risk is unacceptably high." says Gert Raeves, SSI Product Manager at HelioGraph.
He points to a recent white paper produced by industry association Isitc, which summarised a range of issues complicating SSI management at securities firms; 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.
He says the SSI Manager will guide users 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.