CSK's X-Gen Achieves SWIFTNet Nostro Account (Cash Reporting) Label

London, 20 October 2003: Following the recent achievement of the SWIFTReady Financial EAI Gold Label for a record fifth successive year, CSK has now been awarded the SWIFTNet Ready Label for "Nostro Account Information" for its leading X-Gen Enterprise Application Integration (EAI) product suite.

CSK is one of the first companies to achieve this award which, says CSK principal consultant, Stephen Kell, "is designed to support the current introduction by SWIFT of its real-time Nostro account information service, an important new development designed to allow real-time information to be passed between banks on their Nostro account positions.

"Intra-day liquidity management has become a critical issue," he confirms. "To achieve this in the highly complex and fragmented environment of Nostro banks, settlement systems and payment systems, banks must be able to aggregate and consolidate high quality information, in order to have a real-time view of what's going to happen. This is essential if they are to have the right funds available in the right place at the right time and in the right currency."

In order to achieve this qualification, CSK has had to evidence its commitment to SWIFTNet, by showing that it can support SWIFT's Interact service and fully support the XML messages required for the real-time Nostro account information service over SWIFTNet.

For Claudia Cassinari, senior product manager, cash reporting at SWIFT, it represents a major development in the evolution of back office applications. "This is an important strategic development for SWIFT," she says, "as it is the first business solution using richer XML messages in the bank to bank environment. Working with specialist providers such as CSK has ensured high quality applications to manage the exchange of XML messages."

Critically, CSK has developed both client and server applications for the cash reporting service which allow the service providers to supply the information to their clients, and for the users to gather all of the information from its Nostro banks in order to be able to monitor positions intraday, and to detect fails earlier, thus increasing the efficiency of their liquidity management.

"We are delighted to be at the forefront once again of another major SWIFT initiative designed to support the financial services industry in its drive towards greater efficiency and reduced operational costs," concludes Kell.

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