Cable & Wireless claims to have signed up a number of banks to its Real Time Nostro (RTN) service during the first half of this year, as users or providers of data.
Royal Bank of Scotland and Santander Central Hispano have started using RTN data in a live environment; JPMorgan Chase is providing live data into the RTN hub; ANZ and Barclays have started testing the live RTN service and Citibank, the largest provider of payment information in over 100 currencies, has agreed to provide data into RTN. In addition to these participants, Mizuho Corporate Bank, Bangkok Bank, RBC Global Services have also agreed to use RTN and are planning to go live on the service.
A Real Time Nostro User Group, set up in January 2004, currently convenes once every two months. It includes participants from banks that have either already agreed to join the RTN service or are considering to sign-up in the future. The User Group, chaired by Richard Pattinson, Senior Director of Settlement Strategy and Systemic Risk, Barclays, facilitates the exchange of ideas and experiences with the service and key issues associated with cash reporting. Current members include; Lehmans, Citibank, Royal Bank of Scotland, ANZ, Mizuho Corporate Bank, Credit Suisse First Boston, Calyon, Barclays Capital, Bank of America and Dresdner Kleinwort Wasserstein.
Alister Hoad, programme director, financial services, Cable & Wireless, says he is pleased with the development of the RTN service. “The value of RTN to current and potential users is becoming increasingly clear: the exchange of real time nostro information improves the efficiency of foreign exchange related processes, the level of customer service and reduces both risk and cost,” he says.
Pattinson adds that the success of the RTN User Group and the continued uptake of RTN services in the banking community reflects the growing importance of real time information. “As global markets pick-up, banks and counter-parties are demanding information in a uniform format in real time,” he says. “Cable & Wireless RTN accommodates for these demands and enables banks to enhance their services whilst also improving management of liquidity and operational processes.”