Bank reference data supplier CB.Net and electronic messaging firm LogicScope have formed a joint venture company, SSI Financial, to provide an international database of Standard Settlement Instructions.
The two firms say the joint venture will provide financial institutions with the ability to improve accuracy and efficiency in payment processing on an international level. It combines CB.Net's BankSearchPlus payments directory with LogicScope's deal processing software to ensure that correct settlement instructions are appended to deal tickets immediately post-trade.
Nick Dyne, managing director of LogicScope, says the initial market reaction to the service has been positive. "SSI Financial provides a vital part of the STP jigsaw," he says. "It doesn't matter how efficient and straight through an institution's processes are if they have inaccurate or missing data."
Over the last three years, CB.Net has built a database of over 70,000 SSIs for 8300 Bank Identifier Codes (BICs) that are updated daily, both by the banks themselves and using data supplied via interbank messaging co-operative Swift.
Launched at Sibos 2003, BankSearchPlus provides real-time updated data on SSIs, local codes, Iban checks and BICs, either in Web query tool format or as a direct data feed into back office systems. The UK-based company - which counts PricewaterhouseCoopers as a strategic shareholder - claims 350 banking clients worldwide.