This is the second time CSK's solution has been awarded the SWIFTNet Ready label for Nostro Account Information. This supplies banks with real-time information about the liquidity (status and processes) of the foreign exchange (Nostro) accounts they have with other banks in order to process foreign currency payment transactions.

It is one of the first XML-based services available via SWIFTNet, the new IP network. Today, more than 7,000 financial services providers all over the world use the SWIFT network to process their deals.

In the past, banks have generally received Nostro information at set intervals – which could be as late as the following trading day, depending on the Nostro bank's location. As a result, there was always a delay in registering account shortfalls or excess cover.

The result of this was unused liquidity reserves, interest charges and blocked equity which were needed to cover the operational risks. However, with real-time information at its disposal, a bank can, for example, make short-term use of Nostro account liquidity as capital, or offset inadequate cover on another Nostro account (intra-day liquidity).

X-Gen is the only integration solution to be awarded the Nostro label by SWIFT. It allows banks to integrate Nostro cash reporting into their existing systems, such as a host core banking application or a payment transaction.

The bank's liquidity management system is then able to receive or actively call up real-time information on the liquidity of its Nostro accounts and use it to manage liquidity. By drawing on the appropriate reporting functions provided by the Nostro service, it is also possible to automate the internal balancing of outstanding entries (reconciliation).

Every year, SWIFT awards a number of labels designed to provide its members with quality criteria to assist them in the choice of software solutions. To be awarded a label, the software must comply with a standardised list of rules.

The list is updated every year and the software systems have to submit to an annual reassessment. In particular, to be awarded the SWIFTNet Nostro Account Information Label, the software must be able to receive and process XML messages via SWIFTNet's Interact service.

This includes, for example, messages dispatched by a bank to request information about the balance of an account or a certain transaction type. In addition to the Nostro label, CSK's solution has also been awarded the SWIFTReady Financial EAI Gold Label. In 2004, the software received this label for financial business process integration for the sixth consecutive year.

The IP-based network SWIFTNet replaces SWIFT's previous X25 network, which will cease operation on 31 December 2004. In future, all new SWIFT services will be provided exclusively via the new network.