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GBST Syn∽SSI is first to empower users with ‘on the fly’ settlement instruction rule modelling

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Published: 17/08/2009

GBST (ASX:GBT), a global provider of technology services to the financial services industry, today announced the release of Syn~SSI. Syn~SSI represents a breakthrough in ability to resolve Standard Settlement Instruction (SSI) post-trade problems that crop up in real-life and to reduce settlement failure caused by unpredictable changes in counterparties’ SSIs.

For the first time in the industry, Syn~SSI empowers middle and back office users to design and implement for themselves different best-match logic, calculations and validation rules ‘on the fly’, and safely apply these to Syn~SSI in production using the rules engine. They can even preview the effect of changes in ‘what if’ models prior to live deployment. This approach removes delays for regression testing, or IT resource availability and resolves many of the interruptions to straight through processing caused by inaccurate counterparty reference data.

Sunil Shah, Chief Executive, GBST Global Broker Services, said: “The operational risk of settlement failure caused by incorrectly applying SSIs to a trade is growing exponentially with rising business volumes and complexity. This is particularly important in Asia where cross-border trading is popular, and SSI repositories often remain fragmented.”

The best run financial services organisations are centralising the storage and maintenance of SSIs so that all their systems apply the correct and latest SSI version to a trade. Syn~SSI standardises, cleanses, matches, normalises, enriches and merges data from multiple internal and external sources. It can accept SSI inputs in a very wide variety of formats and protocols, for example, OMGEO Alert Direct, or batch uploads via user configurable Excel spreadsheets. It provides a single, agreed, golden copy of an SSI across the business and publishes it to all subscribing systems in the required formats.

Syn~SSI delivers strong benefits to the business in terms of reduced operational risk, improved customer service and enhanced reputation. It also improves the efficiency of data maintenance and significantly lowers the cost of manual intervention. Available now, Syn~SSI is highly competitive, offering ease of implementation, low running costs and a level of flexibility not usually associated with maintaining such a repository.

Syn~SSI was co-developed by Serisys Solutions Ltd, GBST’s Hong Kong based exclusive Asian regional development partner, incorporating feedback from banks in the region. Pilot trials with banks’ users in Asia proved that they can respond more quickly and flexibly to changing SSIs than ever before with Syn~SSI.

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