Source: Swallow Technology
Swallow Technology Limited a UK based supplier of SWIFT Accredited and other Financial Services Software Solutions, today announced a co-operation agreement to take streamed data from the C&W Real Time Nostro (RTN) direct service into Swallow Tech's SMART-CASH solution.
Cable & Wireless RTN is an information service which provides users with a single, up-to-the-second view of a user's nostro positions. Data from correspondent banks around the globe is received in the Cable & Wireless RTN hub in a variety of different formats. The data is then aggregated and normalised before being automatically streamed, in SWIFT Standard Cash Reporting XML format, into RECS SYSTEMS back office systems such as SMART-CASH.
The receipt of real time account balance and underlying transaction data directly into SMART-CASH enables the reconciliation of predicted cash flows against credits and debits reported by nostro agents. SMART-CASH also then identifies exceptions and highlights potential problem situations. Financial institutions are therefore provided with better visibility of cash movements, the ability to manage liquidity in real time and reduced settlement risk and have the potential to move towards real time reconciliation and exception management processing.
Gerard Hammarlund, head of sales, financial services, Cable & Wireless, said, "The increasing number of partners supporting the Cable & Wireless RTN direct solution is very encouraging and is great news for users of the service. It is by using Cable & Wireless RTN with solutions like SMART-CASH that banks can truly automate their cash and liquidity management processes and extract real intelligence from their data. The use of the streamed data feed, especially when combined with proprietary or third party applications such as SMART-CASH, results in quantifiable business benefits, significant cost savings and reduction in operational risk for the user."
Tony Waszkiewicz, managing director, Swallow Tech said, "Real-time transaction management is a primary focus of most financial institutions. The addition of Cable & Wireless RTN data processing capability to SMART-CASH is just one of many current initiatives by SwallowTech to add further strength and depth to our systems functionality & capability. This initiative is aligned with our primary business focus of supplying modular, integrated, functionally rich and cost effective technology solutions to the Financial Services Market.