Omicronn announced that its Trax Real Time Cash Reporting solution has been awarded the SWIFTNet Ready label for Real-time Nostro Account information.
Real-time account information supplies banks and corporations with accurate data about their liquidity positions. Intraday Management of liquidity gets increasing attention for a number of reasons. Exception handling of anticipated transactions should reduce risk. A clear view on the gap between actual and forecasted cash flows can improve the cash management process, which is relevant both for banks and for corporations. For banks, supplying customers with more accurate than end-of-day statements supports retention.
Real-time Cash Reporting is one of the first XML-based and interactive services available via SWIFTNet, the new IP messaging platform. Today, more than 7,650 financial services providers in 201 countries use the SWIFT network to process their messages.
SWIFT, the financial industry-owned cooperative, has recognized that Trax’s Real Time Cash Reporting module, enables corporate users and financial institutions to provide and retrieve real time information on account balances and ongoing transactions. Both can now benefit of the new XML standards, supporting the exchange of this information.
Cristina Rigo, Relationship Manager Partner Solutions at SWIFT comments, "I'm very pleased that we certified Omicronn's Trax Real Time Cash Reporting solution with the SWIFTNet Ready real-time nostro account information label. Trax can be used by a service user or service provider and implements all the mandatory and optional search criteria and output results required for real-time nostro processing."
Hans Cobben, Managing Partner at Omicronn, commented, "We've been working closely with SWIFT on the development of the Trax software platform. We are pleased to have been awarded the SWIFTNet Ready accreditation, underlining our commitment to providing the industry with solutions that help reduce risk and costs. Using SWIFTNet InterAct messaging service together with the new SWIFT XML-based standards, Trax will enable service providers to improve their offering in a secure, reliable and standardized way. Users are able to improve their management of intraday liquidity by having access to real-time information on their accounts and transactions."