There seems a promising future for Cable & Wireless Real Time Nostro Service as four major clearing banks sign to adopt the service as the standard infrastructure for sharing nostro account information.
ANZ Bank, Barclays, JP Morgan Chase and Mizuho Corporate Bank supply data for the subscription-based online service and will act as a channel to market.
The service, supported by software developed by Gresham Computing, is due to be operational in October 2003. It will enable banks to minimise the risks associated with foreign currency and securities settlements, improve the management of global liquidity and enhance operational efficiency.
John Murphy, head of international payments at ANZ Bank, said: “The ability to deliver customer data real time in a framework of globally agreed data standards gives us a platform to develop new and innovative business solutions for our clients.”
