Citi Global Transaction Services is to switch on SwiftNet real-time cash reporting for Morgan Stanley's broker dealer unit following successful pilot testing of the system.
The two firms have completed testing of the system by using production data in a test environment and measuring any difference in outcome.
The SwiftNet cash reporting service provides real-time information of cash held in accounts maintained at various counterparties. The service enables customers to benefit from real-time intraday cash reporting and to communicate in an automated and standardised way with counterparties.
Reconciliation can be performed throughout the day so errors can be detected earlier in the process and before they become exceptions, says Citi.
Morgan Stanley executive director Keither Berrett, says: "Understanding the ebbs and flows of data through an organisation, and as a result, better managing positions, helps us to achieve increased efficiency within our institution."
Eileen Dignen, MD and head of global payments for financial institutions at Citi's global transaction services unit, says banks are continually challenged to produce new products and services and real-time cash reporting is a growing requirement among clients.