This granting of the BEI code means that banks will now be able to provide data into the RTN hub and users will be able to source their consolidated reports over SWIFTNet using a single SWIFT address. This highlights the importance of SWIFTNet cash reporting and is a clear indication of the requirement for real time information in this area.

Lazaro Campos, head of the banking industry division at SWIFT, commented, "Cable & Wireless' connectivity to SWIFTNet offers banks the opportunity to further leverage their SWIFTNet investment by utilising the cash reporting industry-driven solution."

Alister Hoad, programme director, financial services, Cable & Wireless, said, "The approval from SWIFT for Cable & Wireless to be connected to SWIFTNet is an important development in driving both cash reporting standards and utilising SWIFTNet as the preferred mechanism to deliver information into the RTN hub. Such a development underlines the industry momentum behind real-time cash reporting and the position it has as a key industry initiative."

Arthur Cousins, director, strategy & product development at Standard Bank, South Africa, which has recently signed-up to the RTN service, added: "Our understanding that SWIFT had approved Cable & Wireless with its own operating code reinforced our decision to provide data to the RTN hub. The benefits of using the service are quite clear and the ability to simply use a single SWIFT address and provide data, whilst utilising our investment in SWIFTNet IP infrastructure, provides both Standard Bank and its customers with positive benefits in risk and operations."