Misys CMS launches Standing Settlement Instructions service
28 May 2003 | 6775 views | 0
Crossmar Matching Services, the foreign exchange and money market confirmation system recently acquired by Misys Wholesale Banking Systems, has launched a new Standing Settlement Instruction maintenance and notification service.
The web-based SSI service enables forex market participants to provide counterparties with access to consistent settlement data and instructions and receive timely change notifications from them. All instructions are authenticated with dual verification functionality and settlement data can be integrated with in-house systems via XML or Export uploads.
Gilmore Bray, Misys CMS product manager says the introduction of the system will help FX market participants comply with best practice guidelines laid down by the Federal Reserve Bank of New York in a March report on management of operational risk.
According to the guidelines, Standing Settlement Instructions should be issued in Swift/ISO formats via a secure channel and be in place with all counterparties prior to trading.
Says Bray: "We believe the SSI service, when used in conjunction with the Misys CMS, offers the most efficient and effective service for eliminating operational risk in the FX market today."
Using Misys CMS and SSI, firms can automatically enrich settlement data to confirmation messages received via clients to achieve an automatic match on instructions, says Bray. This also ensures that payments are formatted correctly and processed efficiently, he adds.