Accurate holiday data will reduce payment error rates

According to a recent survey (ISDA 2000 Operations Benchmarking Survey: Over-the-counter Derivatives Operations Issues), the average dealer has a payment error rate of 1.3%. But many firms do a lot better than that. In fact, 68% of firms have an error rate of 0.5% or less.

Payment errors can be caused by many factors, including trade input errors and incorrect standard settlement instructions. But inaccurate holiday data can also be an important contributing factor. If you’re looking for ways to reduce payment errors, the Financial Calendar can help by ensuring an accurate and complete record of good business days in every center in which you do business.