27th Apr 2006 07:02
Gresham Computing PLC27 April 2006 27 April 2006 Cable & Wireless Real Time Nostro ("CWRTN") service Following a strategic review, Cable & Wireless and Gresham today announce arevision to their respective operating responsibilities in the delivery of theircollaborative CWRTN service. The service provides subscribing banks with areal-time intra-day view of their Nostro account positions from theircorrespondent banks. Under the new arrangement, effective immediately, Gresham will assume primaryresponsibility for the sales, marketing, integration and application softwaremanagement of this banking industry initiative. Cable & Wireless will continueto support the roll out of this solution globally and in particular will beresponsible for the secure hosting and managed IP infrastructure, which arefundamental to the integrity and delivery of the service. These new arrangementsstrongly align both parties' operating responsibilities with their corestrengths. Naturally, the revenue sharing arrangements have been amended to reflect thechanged responsibilities. Gresham and Cable & Wireless are working together to ensure the long-termsuccess of this key banking solution. The transition of responsibilities isexpected to be seamless. We will both ensure our customers experience nodisruption to this service while the changes are effected over the next fewmonths. Jim Marsh, CEO, Cable & Wireless UK commented: "This transition allows us to concentrate on our core competencies of deliveringhigh quality secure managed services supported by great service experience. Welook forward to continuing our partnership with Gresham and building on thesuccess of the Real Time Nostro service to date." Andrew Walton-Green, CEO, Gresham Computing plc commented: "I am delighted by the commitment of Cable & Wireless's new management team tothe service. Their expertise in secure hosting and infrastructure capabilityare key enablers in the delivery of a world class solution. We believe that therealignment of responsibilities and our focus on a SWIFTNet centric datadelivery model will offer an improved level of service for all current andprospective users and accelerate the global roll out of the service." Richard Pattinson, Chairman Real Time Nostro User Group and Senior Director,Barclays PLC commented: "Real time information is all pervasive in the banking world and a service suchas Real Time Nostro is likely to play a major part in accessing and controllingsuch data as regulatory pressures grow. Today's announcement is confirmationthat Real Time Nostro will be available to meet those needs." Note to editors Nostro accounts are typically foreign currency accounts maintained to facilitateclearing of funds for a correspondent bank in their non-domestic currencies, butcan include currency of domicile and are used to process all types of payments,e.g. commercial payments, money market transactions, securities settlements,derivatives, trade payments. For further information, please contact: Gresham Computing plc +44 (0)207 653 0228Andrew Walton-Green, Chief Executive Officer Financial Dynamics +44 (0)207 831 3113James Melville-RossCass Helstrip This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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