Standard Chartered Bank joins Gresham's Clareti cash reporting service
02 October 2007 | 1657 views | 0
Source: Gresham Computing
Gresham Computing plc, leading provider of real-time financial solutions, announced today that Standard Chartered Bank is now live as a provider of data to the Clareti Cash Reporting Service.
The total number of banks that have now agreed to provide data to the service has increased to 25 and 17 banks are now in production.
Gresham's Clareti Cash Reporting Service is a global solution to SWIFT Cash Reporting, providing a single, consolidated real-time view of cash positions in each currency, including bank account and transaction information.
Standard Chartered Bank will provide data on GB Pounds, US Dollars, Singapore Dollars and Hong Kong Dollars and currency accounts held by its international client base throughout the world upon customer request.
"We are very pleased that Standard Chartered Bank has partnered with Gresham to provide their correspondent banks with real-time access to multi-currency cross-border payments" said Andrew Walton-Green, CEO, Gresham Computing, "This will allow their correspondents to improve their visibility and intra-day management of settlement discrepancies and liquidity."
Also, Gresham Computing plc today announced that message volumes through its 2007 SWIFTReady Gold Cash Reporting service, Clareti Cash Reporting, grew 100% in the past 12 months.
Gresham currently reports in 13 currencies which now represents more than half a trillion USD per day on average. In order to satisfy demand in non-CLS Bank currencies, the service will now also support Turkey, Hungary and Poland in Q4 2007. Russia and Latin American countries will be a primary focus for 2008.
"There remains huge exposure in foreign exchange settlement risk in non-CLS currencies as highlighted by the Consultative Report from the Bank for International Settlements in July 2007. Our banks and their customers manage these risks in real-time. Our ability to manage what has happened and to identify what should have happened is critical because you can't manage what you can't see" said Andrew Walton-Green CEO, Gresham Computing plc.
Paul Knipe, Head of Reconciliation Control & Compensation at Royal Bank of Scotland, Global Banking & Markets said "Gresham's service enables me to analyse risk across a range of currencies and by monitoring the accounts over which I expect to receive settlement I can escalate potential problems much earlier in the settlement cycle."