Accurate Software today announced that as part of its ongoing cooperation with Cable & Wireless, it is building support for the Cable & Wireless Real Time Nostro (RTN) direct service into the Accurate NXG application suite.
The Cable & Wireless RTN direct service differs from the browser service already offered by Cable & Wireless in that data can be streamed directly into a bank's system from the Cable & Wireless RTN hub, as soon as transaction information is entered by a correspondent bank.
Accurate NXG will leverage this capability to aid investigation of nostro exceptions that have been identified during reconciliation, enabling banks to query transaction data in real-time with their counterparties using the Cable & Wireless RTN service. This will enable exceptions to be prioritised using enriched data from the Cable & Wireless RTN hub, accelerating their resolution and reducing the costs arising through compensation claims and overdraft costs.
Banks seeking to move the reconciliation process into the real-time arena will also be able to extend their usage of Accurate NXG to monitor nostro account movements as they are credited to the account on value date. Data from Cable & Wireless RTN will be fed directly into Accurate NXG enabling the reconciliation of predicted cash flows against confirmed and irrevocable credits and debits reported by nostro agents. In this way, Accurate NXG will provide financial organisations with a single control framework for both pre and post settlement control on transactions - enabling them to benefit from better visibility of cash movements, real-time management of liquidity and reduced settlement risk.
The queries and responses sent between Accurate NXG and the Cable & Wireless RTN service will exploit SWIFT's new XML messages for cash reporting together with the interactive capabilities of SWIFTNet.
Accurate NXG is SWIFTReady Gold accredited and is built on the four core
competencies of reconciliation, exception management, workflow and business
intelligence. The solution has been developed using a flexible architecture
which facilitates enhancements such as support for receipt of streamed data
from Cable & Wireless RTN.
"The support of Accurate Software, as one of our key partners, is important if the banking community is to achieve the full potential of the Cable & Wireless Real Time Nostro direct service," said Alister Hoad, programme director, financial services, Cable & Wireless. "It is through solutions like Accurate NXG, which will receive streamed data and act on it in real-time, that we shall enable banks to further automate their processes and move closer to true straight-through processing"
Philip Hall, chairman and co-chief executive officer, Accurate Software, comments: "Real-time transaction management is still a target for financial
institutions, and we are pleased to continue our support for the Cable & Wireless Real Time Nostro direct service. Accurate NXG delivers the means for financial organisations to thrive in this real-time environment, thus gaining a sustainable competitive advantage. With the ability to dynamically manage their cash positions, organisations can improve liquidity management, reduce costs and operational risk."