CheckFree Software, a division of CheckFree today announced an agreement with Cable & Wireless, the international communications group, to support its Real Time Nostro (RTN) service
This collaboration will enable users of CheckFree cash and securities reconciliation solutions, such as CheckFree Frontier(TM), to reconcile nostro account data in real time using the Cable & Wireless Real Time Nostro service. This will help member banks to reconcile their currency positions in real time, reducing liquidity risk and improving operational efficiencies.
Steve Engdahl, vice president of product management, CheckFree Software explains: “The Cable & Wireless RTN data service will give our customers real time access to their current correspondent bank activity and positions. The ability to run their CheckFree Software reconciliation and exception management operations in real time, alongside live RTN data, has significant benefits. It will enable users to reconcile positions instantaneously against their internal back office systems to manage their currency positions more effectively than ever before."
Gerard P. Hammarlund, head of sales, Cable & Wireless Real Time Nostro, comments: "As the world becomes increasingly interconnected, banks and their counterparties have an ever greater need for real time information in a uniform format, and this is what our RTN feed provides. When combined with CheckFree's real time reconciliation capabilities, a powerful set of tools is created for the banks to enhance customer service and improve liquidity management."
Randy McCoy, executive vice president and general manager of CheckFree Software, adds: "CheckFree's agreement with Cable & Wireless is another major step in our continuing commitment to the development of leading edge reconciliation and STP technology. This relationship promises to deliver industry-leading risk management and operational benefits to our financial services customers."
Whether users are downloading RTN data periodically or accessing it live throughout the day, CheckFree Frontier can be running in the background to catch exceptions early in the cycle and speed up the back office settlement process. And because CheckFree's flagship reconciliation solution is STP- enabled, this data can then be made instantly accessible to the banks' departmental or global offices for a real time view of their cash positions - anywhere, anytime. This capability promises to have a positive impact on both operational risk management and liquidity optimisation.