Bankersalmanac.com, the leading provider of reference data for payments, due diligence and risk assessment today announced that 90% of the Standard Settlement Instructions (SSIs) on its database are being verified and updated by the issuing banks every 90 days.
Bankersalmanac.com introduced a 90-day update cycle for Standard Settlement Instructions SSIs as part of its ongoing commitment to provide the industry with highly accurate settlement data. One of its main objectives is to help users improve their payment Straight Through Processing (STP) rates and handle exceptions. Alongside the 90-day update and verification cycle, Bankersalmanac.com also shows the SSIs for any additional settlement centre operated by the bank concerned and the SWIFT BIC to which the SSIs relate. This approach has resulted in the coverage of categorised SSIs on Bankersalmanac.com for commercial payments, foreign exchange and money markets now being in excess of 150,000.
Commenting on the initiative, Ben Cleaveley, Senior Product Development Manager for Bankersalmanac.com, said: "For banks, creating and maintaining Standard Settlement Instructions SSI databases is exceptionally hard work as well as being extremely costly. Bankersalmanac.com is committed to providing dependable and accurate settlement information which can remove some of this burden. Reaching the 90% milestone for confirmation and updating is a major achievement in terms of ensuring that all of the banks using our products have standard settlement information that they can rely on, regardless of whether it is used directly for making payments or for checking the instructions already held in their internal databases. In my opinion the quality of the Standard Settlement Instructions information we make available to customers coupled with the quantity of data on offer makes Bankeralmanac.com the leading solution for international settlement."