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Software-as-a-service distributed ledger technology platform SSImple has partnered with Delta Capita on a holistic solution for standard settlement instruction (SSI) management.
By automating and streamlining the SSI process, firms aim to improve efficiency, accuracy and regulatory compliance in post-trade operations, targeting long-standing industry challenges including manual processes, settlement failures and operational risk.
SSImple allows users to add SSIs through a graphical user interface, and offers Excel upload and download opinions. Application programming interfaces capabilities are also available.
Users can access an open-permissioned industry SSI repository, which they can choose to make available to any legal entity approved by the client. Industry standard rules, based on place of settlement and security type, are also included in the service.
Bill Meenaghan, SSImple CEO, says: “With significant penalties issued to financial institutions for settlement fails in 2022 under CSDR’s Settlement Discipline Regime as well as T+1 on the horizon for the United States and Canada in May 2024, now is the time to be implementing a robust process for SSI management.
Manual processes should no longer persist, but with a much shorter settlement timeframe and with market participants expected to see a reduction from 12 to just two hours of post-trade operations time, automating SSI management is now an imperative to enable an efficient settlement process.”
Karan Kapoor, global head of regulatory and risk consulting at Delta Capita, adds: “We understand that ongoing penalties related to CSDR, coupled with a lack of preparation for T+1, is causing industry-wide concern.
“By combining SSImple’s solution with Delta Capita’s experience of working with financial institutions and networking of industry experts, we are bringing to market a solution that will address these concerns and ultimately drive enhanced post-trade efficiency to SSI management.”
