Brussel, 3 juli 2003 - Real Time Nostro, de nieuwste service van Telecomspecialist Cable & Wireless, is een betaalde online service die het voor financiële instellingen mogelijk maakt hun transacties live te controleren. Nostro werd ontwikkeld om grote banken, die deze service via hun browser aanbieden, samen te brengen. Vier banken hebben al een overeenkomst getekend met Cable & Wireless om deze service in de toekomst te gebruiken: ANZ Bank, Barclays, JPMorgan Chase en Mizuho. Real Time Nostro zal deze banken toelaten een beter wereldwijd zicht te krijgen op geldtransacties, commerciële betalingen en beveiligingsovereenkomsten. De Real Time Nostro service werd ontwikkeld met de software van Gresham Computing en zal vanaf oktober 2003 operationeel zijn.
Voor meer informatie, vindt u hieronder het volledige Engelstalige persbericht.
Brussels, 3 july 2003 - Cable & Wireless recently announced that ANZ Bank, Barclays, JPMorgan Chase and Mizuho Corporate Bank are to adopt Cable &Wireless Real Time Nostro as the standard infrastructure for sharing nostro account nostro accounts are typically foreign currency accounts maintained by banks with other clearing banks, in their non-domestic currencies, to facilitate clearing of funds outside their national geography.
information between financial institutions and other organisations. The four clearing banks announced today that they will act as a channel to market for the service and supply data for it.
Cable & Wireless Real Time Nostro is a subscription-based, online service providing financial institutions with a real time, consolidated view of their international transactions and balance details. The service is designed to bring together all the major banks that provide nostro clearing services on a single browser access system. It will provide them with greater visibility of cash movements globally across all types of accounts held with their nostro account agents, including those for foreign exchange, commercial payments and securities settlements. Cable & Wireless Real Time Nostro is enabled by software developed by Gresham Computing.
Scheduled to be operational in October 2003, Cable & Wireless Real Time Nostro will help banks to minimise the risks associated with foreign currency and securities settlements, improve the management of global liquidity and enhance operational efficiency:
· Automating the reconciliation process enables banks to limit the time, resource and margin of error involved in manually reconciling multiple statements that are delivered on paper at the end of the working day. Instead, users will have access to a single compilation of all their accounts, constantly updated in real time.
· Significant savings can be realised through the ability to manage cash flows across currencies and time zones intraday rather than after the markets have closed, or even days later, as well as by integrating the service with existing back office systems.
Doug Loewe, president, Global Enterprise Markets, Cable & Wireless, commented: "This agreement marks an important milestone in establishing Cable & Wireless Real Time Nostro as the de facto standard for sharing nostro account information. It is through the combination of our business-class network, hosting facilities and professional services capability and our relationships with our partners that we have been able to help our financial sector customers address some very real business issues. In this case, the priority was to reduce risk in foreign currency and securities settlements and abide by international regulations."
Richard Pattinson, Senior Director, Settlement Strategy and Systemic Risk, Group Treasury, Barclays Bank, and Chairman of the SWIFT Real Time Nostro Account Information Steering Group (RTNAISG) commented: "This ground-breaking initiative assists the global financial community to reduce risks and exposures in the 24 hour management of payments and collateral, via a single view of nostro positions in each currency and across agent bank services."
The Cable &Wireless Real Time Nostro service will allow banks to send and receive information using a secure infrastructure and it is intended to attract further banks into providing account data. Data provision is based on industry standard XML and is compatible with developments in both internet based applications and SWIFTNet, enabling banks to move away from batch based overnight processing of transactions to a more interactive way of managing cash flows. For example, a transaction error that currently would be corrected up to two days after settlement is due could be repaired and posted to a customer account before close of business on the day of settlement. Aggregation of account data will allow banks to identify risks such as unforeseen overdrafts and potential defaults within the settlement day.
Cable & Wireless Real Time Nostro was developed in close conjunction with the banking community through a working group initiated by Cable & Wireless to discuss the adoption of new market practices for the delivery of real time information to the global financial community. Among this group are ANZ, Barclays, JPMorgan Chase and Mizuho Corporate Bank which collectively account for a substantial share of the world's financial transactions. The inaugural meeting of the working group took place at SIBOS 2002 in Geneva.