Swift Launches New SSI/FX Directory To Reduce Errors & Improve Settlement

SERVICES

Swift has launched a new standing settlement instructions/foreign exchange (SSI/FX) directory to help financial institutions reduce paperwork and errors in payments, officials say.

The directory comes several years after banks requested Swift to develop a service that would allow them to send concise, rigid settlement instructions to their trade counterparts, says Wim Raymaekers, product manager for information services at Swift, who developed the directory.

"Today, banks exchange SSIs via

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