The RTN direct service differs from the browser service in that data can be streamed directly into a bank’s systems from the RTN hub as soon as transaction information is available on the agent bank’s system. This allows the user bank’s existing IT systems to receive and process transaction data immediately.

As a result, Cable & Wireless claims the user bank will realise significant improvements in its liquidity management processes, enabling the real time management of reconciliations and transaction adjustments. The immediate provision of streamed data also delivers significant straight through processing improvements and will mean banks can manage trade exceptions intra-day, significantly reducing risk exposure and any resultant cost penalties.

After announcing partnerships with Cable & Wireless at Sibos in 2003, reconciliation system vendors Accurate Software, Checkfree and SmartStream have built support for the RTN direct service into their solutions.

Cable & Wireless has seven subscribers to its RTN service, and expects it will have more by the end of the year for both the web browser and direct feed options.

Barry Holland, director of operations at Barclays Capital, says: "Real time information on nostro accounts, and a direct feed on this data, will provide Barclays with increased scope to manage cash positions in real time. The ability to secure information a whole day earlier than current market practices will allow, affords significant benefits in terms of liquidity management and operational processes."

Gerard Hammarlund, sales director, Cable & Wireless Real Time Nostro, adds: "The launch of the RTN direct service is a significant step for RTN and as Barclays has supported the service from the start, we are delighted that they will be the first user. The streaming technology provides a continual source of information for banks on the status of their transactions and enables faster reconciliation and exceptions management, much earlier in the trade cycle. Barclays’ agreement to use this service reflects a growing trend in the industry towards a real time operational environment and satisfying the growing regulatory and risk demands being placed on banks."

Philip Hall, chairman and co-chief executive officer, Accurate Software, comments: "Real time transaction management is still a target for financial institutions, and we are pleased to continue our support for the Cable & Wireless Real Time Nostro direct service. With the ability to dynamically manage their cash positions, organisations can improve liquidity management, reduce costs and operational risk."