RBC Financial Group has gone live on Cable & Wireless Real Time Nostro (RTN) service, in the process becoming the first bank to provide account information to the CW hub over SwiftNet FileAct.
RBC, the largest inter-bank clearer of Canadian dollars, is using Cable & Wireless RTN to expand delivery of account information in real time to institutional clients in over 120 countries.
Ian Toone, vice president, Global Financial Institutions at RBC Financial Group, says: "We have been involved with the initiative since the concept was first introduced. The service gives our clients a tool that can be used to improve liquidity management, mitigate risk and achieve operational efficiencies."
RBC joins banks such as ANZ, Bangkok Bank, Barclays Bank, Citibank, JP Morgan Chase, Mizuho Corporate Bank and Standard Bank, South Africa as live providers of information to the hub; Bank of America, Commonwealth Bank of Australia and National Australia Bank have also agreed to provide data to the service; Barclays Bank, Royal Bank of Scotland and Santander Central Hispano have subscribed as users.