Cable & Wireless Real Time Nostro (C&W RTN) was developed in close conjunction with the banking community to help financial organisations minimise the risks associated with foreign currency and securities settlements, and improve the management of global liquidity. The new C&W RTN service will provide subscribers with real-time access to their nostro positions in each currency, across multiple accounts, enabling intra-day and end-of-day cash positions to be monitored more precisely.
Accurate's SWIFTReady Gold accredited Operational Risk Management solution,
Accurate NXG, is built on four core competencies of reconciliation, exception management, workflow and business intelligence. The flexible architecture of the solution means it can easily interface to C&W RTN - either via standard SWIFT message formats, or directly via the Cable & Wireless API.
Data received from C&W RTN can be automatically streamed 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 - enabling them to benefit from better visibility of cash movements, real time management of liquidity, and reduced settlement risk.
By automating and structuring the processing of nostro exceptions, Accurate NXG can also help to accelerate the resolution process - reducing costly errors and unnecessary expenses such as interest, compensation claims and overdraft costs.
"The support of the application developers is critical if the banking community is to derive maximum value from the information made available by Cable & Wireless Real Time Nostro," said Alister Hoad, programme director for Cable & Wireless. "It is through solutions like Accurate NXG that banks can automate their processes and extract real intelligence from their data."
Philip Hall, chairman and co-chief executive officer, Accurate Software, comments: "Real-time nostro services complement the efforts of RTGS payment systems and CLS Bank to reduce systemic risk and improve intra-day liquidity
management. 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 strike the
optimal balance between controlled risk and increased efficiency."