CityNet RealCash endorsed by Cable & Wireless' Real-Time Nostro Service

Sibos, Singapore - 21 October 2003, City Networks, provider of software and services to the treasury, securities and derivatives markets, announced today from Sibos that it has joined forces with Cable & Wireless to provide a solution that allows banks to fully utilise the benefits of connecting to Cable & Wireless Real Time Nostro (C&W RTN).

CityNet RealCash offers a number of benefits to users, amongst which is the ability to provide Vostro account information to customers, reconcile Nostro account information from correspondents and track transactions to meet CLS payment obligations.

C&W RTN is a new service that allows banks access to real-time information on multiple Nostro accounts, in a single uniform system. The service will also provide a platform for profitable innovation in the US$260 billion payments industry.

City Networks and Cable & Wireless are working together to ensure that maximum benefits are achieved from this joint offering. By using C&W RTN in conjunction with CityNet RealCash, both transactional and balance information can be received from correspondents and reconciled with the bank's own view. The solution will utilise existing real-time functionality and WebSphere MQ interface to exchange Nostro and other account information using XML messages over an IP network.

"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 applications like Citynet RealCash that banks can automate their processes and extract real intelligence from their data."

Costa Christodoulou, CEO of City Networks adds, "C&W RTN will allow both the banks and the banks' customers to cut costs, reduce risk and make the most of money under management. Through this complementary solution approach, significant benefits to both treasury client servicing and risk management operations can now be achieved."

CityNet RealCash provides a one-window view of all reconciliations, whether information is provided by MT Advice messages, C&W RTN or the SWIFT Cash Reporting Service.

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