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Cable & Wireless announces Barclays as first user of the Real Time Nostro direct service

London / Atlanta - 13 October 2004 - Cable & Wireless, the leader in integrated communications and computing infrastructure for business, today announced the official launch of the Real Time Nostro (RTN) direct service, with Barclays as the first signed user.

The RTN direct service differs from the browser service in that data can be streamed directly into a bank’s systems from the RTN hub as soon as transaction information is available on the agent bank’s system. This allows the user bank’s existing IT systems to receive and process transaction data immediately.

As a result, the user bank will realise significant improvements in its liquidity management processes, enabling the real time management of reconciliations and transaction adjustments. The immediate provision of streamed data also delivers significant STP improvements and will mean banks can manage trade exceptions intra-day, significantly reducing risk exposure and any resultant cost penalties.

Barry Holland, Barclays Capital - the first bank to sign up to the RTN direct service - said: "Real time information on nostro accounts, and a direct feed on this data, will provide Barclays with increased scope to manage cash positions in real time. The ability to secure information a whole day earlier than current market practices will allow, affords significant benefits in terms of liquidity management and operational processes."

Gerard Hammarlund, sales director, Cable & Wireless Real Time Nostro, added, "The launch of the RTN direct service is a significant step for RTN and as Barclays has supported the service from the start, we are delighted that they will be the first user. The streaming technology provides a continual source of information for banks on the status of their transactions and enables faster reconciliation and exceptions management, much earlier in the trade cycle. Barclays’ agreement to use this service reflects a growing trend in the industry towards a real time operational environment and satisfying the growing regulatory and risk demands being placed on banks."

Barclays Capital announced during SIBOS 2003 in Singapore that they would be providing data into the RTN service.

Visit Cable & Wireless (stand E099) at Sibos 2004 (11-15 October, Atlanta USA ) to find out more.