Belgium's Bank J. Van Breda & Co, has installed Accurate Software's operational risk management system, Accurate NXG, to automate the reconciliation of its nostro accounts.
Bank J. Van Breda, a specialist bank for entrepreneurs and professionals, went live with Accurate NXG at its headquarters in Antwerp in October 2003.
The system replaced the bank's legacy reconciliation system Nostro, which was originally developed by Swift.
Accurate says it software provides the bank with a single risk control framework for nostro and cheque reconciliations, providing better visibility of cash movements, improved management of liquidity and reduction of risks associated with foreign currency transactions.