http://www.wi-fitechnology.com
Cable & Wireless and Fundtech to deliver Real Time Nostro data via SWIFTNet
Date:
Topic ISPs, Costs and Charges
|
Cable & Wireless and Fundtech to deliver Real Time Nostro data via SWIFTNet
London / New York -/May 20, 2004 Wi-Fi Technology News/- Cable & Wireless, the international telecommunications group, and Fundtech Inc., a leading provider of electronic payments, settlement and cash management solutions (NASDAQ: FNDT), announced an agreement which will enable banks to send data to Cable & Wireless Real Time Nostro (C&W RTN) over their existing SWIFTNet infrastructure.
This 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."
About Cable & Wireless Real Time Nostro (http://www.cw.com/rtn)
Developed in close conjunction with the banking community, Cable & Wireless Real Time Nostro (Cable & Wireless RTN) offers institutions involved with foreign exchange and other international transactions a new way to share multi-bank, multi-currency 'Nostro' account data in real-time. This is in direct response to the banks' need to improve liquidity management, reduce risk, increase operational efficiencies and respond to customer demand.
Cable & Wireless RTN is a subscription-based information service, providing Nostro agents and account holders with a single view of their Nostro positions in each currency, across bank accounts, irrespective of time-zones and systems, to help them manage their cash flows intra-day, rather than after the market has closed.
Cable & Wireless RTN is a shared repository of information, hosted and managed centrally in Cable & Wireless' hosting facilities and available over an internet browser, SWIFTNet or via an application programme interface. Software from Gresham Computing normalises and aggregates the data into industry-standard XML for ready integration with the banks' existing systems.
About Cable & Wireless
Cable & Wireless is one of the world's leading international communications companies. It provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and internet services.
Cable & Wireless' principal operations are in the United Kingdom, continental Europe, Japan, the Caribbean, Panama, the Middle East and Macau.
For more information about Cable & Wireless, go to http://www.cw.com.
About Fundtech
Fundtech (http://www.fundtech.com) is a leading provider of software solutions and services that facilitate payments, settlement and cash management by enabling businesses and their banks to electronically manage cash, process payments and transfer funds. The Company's products are designed to increase efficiency while enabling banks to better serve their corporate clients. Fundtech operates the world's largest SWIFTNet service bureau through its Swiss subsidiary bbp; and the company is the leading developer of CLS systems having been selected by 19 of the CLS Settlement Members Banks. Fundtech was established in 1993 and is a public company listed on the NASDAQ and the Tel Aviv Stock exchange.
* Nostro accounts are typically foreign currency accounts maintained to facilitate clearing of funds for a correspondent bank in their non-domestic currencies, but can include currency of domicile and are used to process all types of payments, eg commercial payments, money market transactions, securities settlements, derivatives, trade payments.
For more information, please contact:
Tara Salgado
Cable & Wireless
Tel: +44 (0)1344 818 323
Email: tara.salgado@cw.com
Ian Pope
Weber Shandwick (for Cable & Wireless)
Tel: +44 (0)20 7067 0710
Email: ipope@webershandwick.com
George Ravich
Fundtech
SVP / Chief Marketing Officer
Tel: +1 201 946 2277 (x324)
Email: georger@fundtech.com
Adelaide Harrison
Write Image (for Fundtech)
SVP / Chief Marketing Officer
Tel: +44 (0)20 7959 5520
Email: Adelaide.Harrison@write-image.co.uk
|
This article is from The Wi-Fi Technology Forum - Wireless Mobile News and Forums
http://www.wi-fitechnology.com/
The URL for this story is:
http://www.wi-fitechnology.com/displayarticle1176.html
|
|
|