SSImple Powers EquiLend’s SSI Repository and Management Solution
- 05.09.2023 12:30 pm
SSImple, a SaaS DLT platform that aims to fundamentally change the way standing settlement instructions (SSIs) are stored, shared, and enriched across the financial services industry, today announced it has partnered with the global securities finance technology firm EquiLend to power an enhanced SSI repository and management solution. This collaboration aims to address the significant challenges posed by SSIs and create both a more efficient and secure trading environment for market participants.
SSIs have long been a major cause of failed trades, impacting the financial services sector’s operational efficiency. EquiLend’s commitment to solving this problem for their clients led them to partner with SSImple, an industry leader in SSI management solutions. With this collaboration, EquiLend gains access to an industry-standard SSI repository, enriched with market validations based on Place of Settlement (PSET) and security type.
One of the key highlights of the EquiLend-SSImple collaboration is the implementation of an Application Programming Interface (API), empowering EquiLend’s clients with seamless automation of SSI data flow. This API ensures efficient communication of SSIs to counterparties and third parties, breaking the cycle of manual SSI management that has persisted in the industry.
“Custodians, prime brokers, and other stakeholders can leverage SSImple’s cutting-edge platform to manage SSIs effectively and automate SSI data flow to their buy-side clients,” said William Daws, Associate Director, Post-Trade Solutions at EquiLend. “We believe this collaboration marks a significant step towards reducing trade failures and enhancing overall trade settlement efficiency.”
“The SSImple-EquiLend partnership brings significant advantages to EquiLend’s clients, providing them with an industry-standard SSI database integrated into EquiLend’s systems” said Bill Meenaghan, SSImple CEO. “Our robust rule engine ensures the accurate addition of SSIs, reducing risk of errors in trade settlement.”
SSImple’s DLT SaaS platform, built using R3’s Corda, sets it apart as an innovative solution for SSI management. The platform accommodates SSIs for various asset classes, with a focus on securities and cash/FX markets in this case.
The collaboration between EquiLend and SSImple is poised to deliver immediate benefits to clients, offering access to an industry-standard SSI database and the automation capabilities of the API. In the long term, EquiLend’s clients can expect more accurate SSIs, leading to a significant reduction in failed trades.
As the partnership progresses, SSImple will develop logical SSI enrichment on a per-transaction basis, ensuring both sides of a transaction use a logical pair of SSIs for correct and seamless settlement.
“We are excited about the potential of SSImple’s open permissioned approach in solving the industry’s SSI challenges” added William Daws. “This partnership reflects our commitment to future-facing industry solutions.”