Cable & Wireless and Fundtech deliver real time nostro data via SwiftNet
Cable & Wireless, the international telecommunications group, and Fundtech Inc., a leading provider of electronic payments, settlement and cash management solutions (NASDAQ: FNDT), today announced an agreement which will enable banks to send data to Cable & Wireless Real Time Nostro (C&W RTN) over their existing SWIFTNet infrastructure.
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Today's announcement is another important development for banks that provide nostro account data into C&W RTN. The agreement will enable major currency providers to leverage their investment in the SWIFTNet IP infrastructure to feed data into the C&W RTN hub.
Fundtech operates the world's largest SWIFTNet service bureau located in Baden, Switzerland. The company currently serves over 100 financial institutions with SWIFTNet services, and is actively expanding its business through partnerships and agreements such as the one with Cable & Wireless.
Commenting on the agreement with Fundtech, Alister Hoad, programme director, financial services, Cable & Wireless, said, "We're delighted to announce this agreement with Fundtech as it marks another significant milestone in the development of Cable & Wireless Real Time Nostro. The collaboration creates a delivery mechanism for nostro data to C&W RTN over SWIFTNet, enabling banks to leverage their investment in SWIFTNet whilst allowing them to improve both services and product innovation to their clients."
Michael Sgroe, president and chief operating officer, Fundtech, added, "The relationship with Cable & Wireless enables us to leverage our investment and expertise in SWIFTNet processing into a new category of services. The value of real time information has never been more critical to the financial services industry, and we are very pleased to be working with C&W in this important industry initiative that will deliver significant benefits to banks and their customers worldwide."