AFTAs 2022: Best reporting initiative—Northern Trust

Project: Standing Settlement Instructions (SSI)

Overview

Northern Trust’s Standing Settlement Instructions (SSI) Data Delivery tool is designed to help reduce cyber security risk by publishing complete settlement instructions through secure online channels and eliminating manual SSI communication. 

What problem does it solve?

Delivery of SSI data has historically been an area of vulnerability within the financial services industry, representing risk to clients and investment managers, as the space lacks digitization and a centralized data source.

“While all firms in the financial industry are facing heightened data security risks, Northern Trust’s SSI digital solutions automate and enhance protections for security settlement and cash payment instructions through secure online channels. We look forward to continuing to deliver new technologies and products for industry efficiencies.”
Teresa Parker, Emea president, Northern Trust 

How does it solve the problem?

Northern Trust’s SSI Data Delivery tool provides centralized cash and security SSI data, automated data delivery to the Depository Trust and Clearing Corp.’s (DTCC’s) Alert utility, reported SSIs via Northern Trust’s online Institutional Investor Passport (IIP) portal, and eliminates the need for manual inputs for SSI maintenance by clients/managers.

Future developments 

Northern Trust is partnering with custody clients, investment managers and their broker counterparties to enhance cash SSI adoption rates. It is also encouraging complete and properly formatted settlement instructions to increase operational efficiencies, minimize payment delays and put in place a strong foundation for future evolution to ISO 20022 industry standards.

Why they won

Northern Trust walks away with its second category in this year’s AFTAs after winning the best data management initiative category thanks to its Data Warehouse Solutions (DWS) project. Any platform that increases data dissemination and overall efficiency while simultaneously reducing cyber security risks is worthy of special attention in what is an increasingly competitive facet of the capital markets. Northern Trust’s SSI initiative enhances the integrity and distribution around security settlement and cash payment instructions, an area that has historically been manually intensive and plagued by various operational risks. 

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