TwoFour Goes Live with Large European Clearing Bank to Provide Intraday Liquidity Management
London and New York - 29 October 2010
TwoFour, a leading provider of global FX and treasury cash management solutions today announced that one of Europe’s largest clearing banks has officially gone live with TwoFour’s Treasury Cash Management solution. Proven to handle 4,000 cash flows per second, TwoFour’s solution helps efficiently manage growing volumes of cash activity while providing real-time intraday liquidity management across highly complex and sophisticated businesses.
Aside from looking for a streamlined, efficient and scalable means for managing cash in real-time, key drivers for the systems revamp included the need to accurately consolidate cash from disparate systems and to capture cash movements in real-time supported by the most up-to-date systems infrastructure available. TwoFour’s current technology solution provides the ability to monitor cash activity on an intraday, real-time basis and allows for a normalized view of cash activity from all internal businesses including all transaction processing systems. Aside from the high volume of activity that the TwoFour solution manages and the host of other benefits realized, TwoFour allows businesses to better manage their intraday cash flow and funding needs. In this case, TwoFour enhanced its core application to include automated sweeping functions for moving balances between Nostro accounts and automated reconciliation of bank account balances via SWIFT, the standard used by banks all over the world to provide bank information to clients' cash management, treasury systems and accounting applications.
“This was a strategic selection that involved an in-depth and rigorous vetting process of the top vendors,” said an executive from the bank’s treasury department. “The combination of TwoFour’s application flexibility and ease of configuration along with their expert and responsive staff has made the project a success and moves us one step closer to a truly global view of our intraday cash needs. We will certainly look again to TwoFour as we further grow the business. ”
“This bank services close to half a million business clients on a global scale; needless to say a project of this scope is not a simple or straightforward task, but one we were very pleased to take on, “ said Chris Davis, co-founder and global head of sales at TwoFour. “This project is an excellent example of how successful firms anticipate, plan for, and act to satisfy current and future business needs and we look forward to continuing to work to enable and facilitate their business expansion in the future. “