Four banks commit to Cable & Wireless nostro utility
15 May 2003 | 4768 views | 0
ANZ, Barclays, JPMorgan Chase and Mizuho Corporate Bank are to adopt Cable & Wireless Real Time Nostro solution as the standard infrastructure for sharing nostro account information between financial institutions and other organisations.
Cable & Wireless Real Time Nostro is a subscription-based, online service developed using software from Gresham Computing and designed to provide financial institutions with a real time, consolidated view of their international transactions and balance details.
Scheduled to be operational in October 2003, the four clearing banks say that they will act as a channel to market for the centralised utility and supply data for it.
The initiative comes at a time of increasing demands for a standardised industry solution for the exchange of real time nostro/vostro account and related transaction information. Such a solution would enable intraday management of payment transactions across currencies and faster error detection and resolution - both critical in a business environment contrained by liquidity management issues.
Andrew Walton-Green, chief executive of Gresham says: "The adoption of Cable & Wireless Real Time Nostro by these leading banks is a major step towards establishing this service as the de facto standard for sharing nostro account information."
The Cable & Wireless group respresents a subset of a larger collective of 18 banks which has been collaborating with interbank messaging network Swift on the creation of a decentralised bilateral model for bank-to-bank data exchange.