Cable & Wireless says another three banks that have agreed to join its Real Time Nostro (RTN) service. Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Standard Bank of South Africa (SBSA) have joined, bringing the total number of banks actively involved with the RTN service – as either live users, implementation prospects or considering implementation – to 35.
The telecommunications company says the formation of the Cable & Wireless RTN User Group earlier in 2004 has proved successful and added momentum to the initiative. User Group discussions have focused on the core benefits of Cable & Wireless RTN and how its value can be realized across various operational areas. Based on these, Cable & Wireless says it has developed a four-phase methodology which banks can use to quantify the benefits, and cost savings, of implementing the RTN service.
“It is no longer enough to simply identify the various areas within a bank where value can be derived from Cable & Wireless RTN and real time information,” explains Richard Pattinson, Senior Director, Group Treasury, Barclays and Chairman of the Cable & Wireless RTN User Group. “The methodology developed through the User Group will enable an institution to input its own figures and quantify the impact of real time information.”
Alister Hoad, programme director, financial services, Cable & Wireless adds that RTN service is taking off at last. “The fact that Cable & Wireless has recently gone live with its own unique SWIFT operating code for its RTN service has increased the value for banks,” he says. “As a result we have begun to see a greater level of interest in Cable & Wireless RTN from a number of leading banks around the world. The developments of the past year, coupled with the success of the Cable & Wireless RTN User Group, emphasises the demand from the banking industry for standardised real time information.”