Bank of America will use Cable & Wireless Real Time Nostro (RTN) as a new platform for the provision of intra day nostro account information to its financial sector clients.
Bank of America will be providing data on its US dollar accounts and all other major currencies served by its international branch network. The bank will use Cable & Wireless RTN to expand the delivery of account information to its institutional clients worldwide who subscribe to the service.
“We recognize our clients’ growing need for efficient delivery channels, providing real time information and improving the reconciliation process,” said Karen Healy, senior vice president, head of FI / FX Product Management, Global Treasury Services, Bank of America. “We want to expand our existing suite of real time information streams and are pleased to join with Cable & Wireless in this exciting initiative.”
Once Bank of America’s data goes live on the system, nostro account information will be transmitted in real time, over SWIFTNet, to the Cable & Wireless RTN platform. Subscribers to the service benefit from having access to real time nostro account data from multiple providers across all currencies through a single interface. This data can be accessed through a browser interface, or can be pushed out directly into a bank’s cash management or reconciliation system. This allows subscriber banks to better manage their intra-day cash flows and improve the efficiency of their back office operations.