Nearly one year on from the union of Bankers Almanac and Accuity to form BankersAccuity, the combined organisation has pooled its resources to enhance its payments offerings, providing the industry with a comprehensive single source of standard settlement instructions (SSIs).
This payment data, used by financial institutions to facilitate fast and accurate cross-border payments, helps to reduce settlement risk and improve payment straight-through processing (STP) rates.
BankersAccuity’s SSI payments data is updated and verified on a 90-day cycle, as well as date stamped by the providing institution. SSIs are provided for each settlement centre operated by a bank, including the SWIFT/Bank Identifier Code (BIC) that should be used for notifications and confirmations to which the SSIs relate. To proactively gather and validate SSI data from beneficiary banks, BankersAccuity employs over 100 personnel who concentrate on this process daily.
“With the combined assets of Bankers Almanac and Accuity, our customers have access to the data they need to save time and ensure payment instructions are set up correctly,” said Hugh Jones, president and chief executive officer (CEO), BankersAccuity. “We pride ourselves on having the greatest pool of constituent banks in the world supplying critical SSI data, and we will remain committed to providing users with the information they need to reduce settlement risk and increase STP rates.”
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