This collaboration will combine the financial strength and global business-class internet infrastructure of Cable & Wireless, the enterprise applications expertise of Gresham and the 2Way Web Services hosting capability of Digital Island, a wholly owned Cable & Wireless subsidiary. The new venture will be marketed globally by Cable & Wireless as Cable & Wireless Real Time Nostro, and is scheduled to be commercially available globally in the summer of 2002.
Cable & Wireless Real Time Nostro is being developed in consultation with a number of global banks to meet a growing need from banks to manage:
Settlement risk – the Bank for International Settlements (BIS) has urged banks to reduce the time between when a trade is entered into and when it has been judged as irrevocably settled
Liquidity – banks can only manage money when they know they have received it
Operational risk – allowing banks to query on-line errors.
Cable & Wireless Real Time Nostro builds on the excellent work by the Open Group to create open data standards for all types of payments passing through a banks. Gresham was a leading participant in this work and helped establish the basis upon which any number of banks can communicate using a common standard. This work, together with the flexible environment offered by Cable & Wireless global IP data network, is designed to allow clients of Cable & Wireless Real Time Nostro unparalleled flexibility in sharing Nostro account information in a cost effective manner. Its unique features will include:
Time-stamped information
An irrevocability indicator confirming completed transactions
IP-based network connections for all subscriber banks running Nostro accounts, worldwide
This will be a unique opportunity to reap the benefits of a single, secure network business function that is global, runs right to the desk top, and delivers real reductions on the costs and risks of doing business in a high-stakes environment, said Gareth James, Cable & Wireless’ senior vice president, Enterprise UK and Ireland.
Andrew Walton-Green, Chief Executive of Gresham said I am very pleased to enter into this arrangement with Cable & Wireless. They bring an unbeatable offering through a combination of their secure web-hosting services, global telecommunications reach and financial strength. I believe this service will provide customers with a powerful mechanism to share information and improve performance in the global financial system. Compared with current batch processes we are building the foundation for a wholly new way of dealing with payments information.
Gresham has a superb team of people and a history of providing world class enterprise software. We have invested heavily in this new application, particularly over the last half year, and there is still much to do to bring this to market. However, the opportunity afforded through this exclusive agreement with Cable & Wireless should enable the full potential of our intellectual property to be realised.
Cable & Wireless Real Time Nostro brings together two industry respected leaders in Cable & Wireless and Gresham, and will ensure leading standards of performance, security and reliability.
SOURCE: COMPANY PRESS RELEASE
