Accurate and Cable & Wireless enhance real time nostro processing

Wednesday 13 October 2004 14:33 CET | News

Accurate Software is building support for the Cable & Wireless Real Time Nostro (RTN) direct service into the Accurate NXG application suite.

The Cable & Wireless RTN direct service differs from the browser service already offered by Cable & Wireless in that data can be streamed directly into a banks system from the Cable & Wireless RTN hub, as soon as transaction information is entered by a correspondent bank. Accurate NXG will leverage this capability to aid investigation of nostro exceptions that have been identified during reconciliation, enabling banks to query transaction data in real-time with their counterparties using the Cable & Wireless RTN service. This will enable exceptions to be prioritised using enriched data from the Cable & Wireless RTN hub, accelerating their resolution and reducing the costs arising through compensation claims and overdraft costs. Banks seeking to move the reconciliation process into the real-time arena will also be able to extend their usage of Accurate NXG to monitor nostro account movements as they are credited to the account on value date. Data from Cable & Wireless RTN will be fed directly 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 on transactions - enabling them to benefit from better visibility of cash movements, real-time management of liquidity and reduced settlement risk. The queries and responses sent between Accurate NXG and the Cable & Wireless RTN service will exploit SWIFTs new XML messages for cash reporting together with the interactive capabilities of SWIFTNet. Accurate NXG is SWIFTReady Gold accredited and is built on the four core competencies of reconciliation, exception management, workflow and business intelligence. The solution has been developed using a flexible architecture which facilitates enhancements such as support for receipt of streamed data from Cable & Wireless RTN.

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Categories: Payments & Commerce | Mobile Payments
Countries: World
This article is part of category

Payments & Commerce