Gresham Computing's Clareti Cash Reporting Service provides correspondent banks a consolidated view of international payment transactions intra-day. SunGard's Real-time Liquidity Management solution will use Gresham Computing's Clareti Cash Reporting Service streamed Nostro account information from correspondent banks to help enable intra-day reconciliation against institutions' internal records, thereby helping to provide a real-time, validated view of liquidity.
The integration of these two solutions will help financial institutions and corporates benefit from real-time reconciliation and liquidity management. The solution will provide a validated view of liquidity to help enable better intra-day funding decisions.
Andrew Walton-Green, chief executive officer of Gresham Computing plc, stated, "The significant capital outlay involved in re-engineering back-office systems to deal with real-time international payment data has meant that only the largest banks have invested in the changes required. This new service-based offering will help small and medium institutions, as well as corporates, to leverage the global banking community's investment in SWIFTNet Cash Reporting."
Tom King, president of SunGard's STeP business unit, commented, "With the industry migration towards real-time information, reconciliation is moving away from its traditional proof and control function that happens post-settlement to an intra-day, predictive model that occurs pre-settlement. The availability of real-time data helps an institution to reconcile and manage exceptions at each stage of a transaction's lifecycle to better predict the likelihood of settlement, and help improve cash and liquidity management."