We led the initiative to develop Syn~SSI with the full support of GBST based on feedback from customers and partners in the region. Our pilot trials with banks' users in Asia proved that with Syn~SSI they can respond more quickly and flexibly to changing SSIs than ever before. They like to enhance their update processes independently as business evolves on a daily basis.
Hong Kong (PRWEB) August 17, 2009
Serisys Solutions Ltd. (http://www.serisys.com), an IT services provider based in Hong Kong, today announced the release of Syn~SSI, a co-development with GBST (http://www.gbst.com), a global provider of technology services to the financial services industry. 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.
H.K. Mo, Chief Executive, Serisys Solutions Ltd, said: "We led the initiative to develop Syn~SSI with the full support of GBST based on feedback from customers and partners in the region. Our pilot trials with banks' users in Asia proved that with Syn~SSI they can respond more quickly and flexibly to changing SSIs than ever before. They like to enhance their update processes independently as business evolves on a daily basis."
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~ is a business process and rules engine built using current state-of-the-art technology and engineered specifically to solve the market need to process exceptionally high volumes. With their unique model-based and application lifecycle approach, Syn~ solutions allow organisations to re-engineer and automate business processes and provide the perfect alternative to high cost bespoke solutions or rigid off-the-shelf packages. They cover middle and back office securities processing, reference data management, multi-exchange and multi-CSD (Central Securities Depository).
About GBST http://www.gbst.com
GBST (ASX: GBT), provides global technology services to the financial services industry, addressing our clients' constant needs for innovation, competitiveness and responsive IT that truly enables business. Listed on the Australian Securities Exchange, GBST has offices in Brisbane and throughout Australia, London and New York as well as operations in Hong Kong, Paris and Singapore. GBST can be contacted at http://www.gbst.com
About Serisys http://www.serisys.com
Serisys (whose name in Chinese means New Thinking) is a Chinese company headquartered in Hong Kong providing IT services to the capital markets and banking industries in China and the rest of the Asia Pacific region. Services include Application Service Provision (ASP), application implementation and application support. Serisys is the exclusive re-seller of Syn~ in Asia-Pacific. Serisys can be contacted at http://www.serisys.com
Further information from:
Nick Rowland, Director, Serisys Solutions Ltd.
T: + +852 2376 3232 E: nick.rowland(at)serisys.com
Sunil Shah, chief executive, GBST Global Broker Services
T: +44 (0)207 613 8800 E: sunil.shah(at)gbst.com
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