Nordic IT services firm TietoEnator is to launch a correspondent banking payment service which will enable users to calculate their liqudity positions in real time by utilising account data from Cable & Wireless' Real-Time Nostro system.
Cable & Wireless RTN provides multi-bank, aggregated real-time account data for cash reporting purposes.
TietoEnator's new ProLiqudity bank system will take Swift-standard cash reporting data from C&WRTN, combined with feeds from a number of other sources, to provide users with a consolidated view of their calculated and actual liquidity position at any given moment.
The combined service promises to improve control of cash projections and liquidity management and eliminate delays inherent in current nostro reconciliation processes. The service is integrated with automated funds transfer capabilities from the TietoEnator Payments Portfolio that automatically suggest actions to rectify funds shortages and utilise surplus cash.
Patricia Pittomvils, sales director, TietoEnator says: "As liquidity demands and controls increase the need for improved management information and support tools grows. Multiple cut-off times and associated funding cycles during the day are becoming common making it increasingly difficult for widely used semi-manual solutions to provide the necessary information a bank needs to make informed and timely decisions. Banks need to ensure they have sufficient liquidity available when and where they want it."