The solution, which is currently being installed at a major Tier 1 global bank, provides real time cash management at an individual account level, based on all known cash flows and balances. The Wall Street Systems Cash Management Factory provides a customized alternative to costly and labour-intensive in-house and manual systems, enabling banks to maintain enterprise-wide control of their cash, while benefiting from a streamlined and automated end-to-end process.
"The Cash Management Factory is ideally suited to address many of the challenges facing major financial institutions today," said Mike Thrower, director of marketing at Wall Street Systems. "With increasing competitiveness and globalization in financial markets, having complete transparency and real time control of cash can dramatically improve banks' working capital management."
The Cash Management Factory enables customers to accept high volumes of messages from source systems, and consolidate the reconciliation of debits and credits from nostro agents, in real time. Scalability is a key factor for successful high volume global cash management. The Wall Street Systems' Cash Management Factory incorporates true scalability, having recently been benchmarked at over half a million messages per hour. The Wall Street System Cash Management Factory is a Java-based application, enabling browser-based access for users around the world.
The new application supports the concept of funding times, balance overrides and manual adjustments to facilitate the intra-day work flow of cash reconciliations and exception handling. It also provides an intra-day dirty reconciliation process which enables cash managers to rapidly perform reconciliations for multiple currencies and accounts; enabling them to focus on key risk areas and thereby drive down operational risk. Forward balances are maintained as part of a short term funding process and the model supports multi-level target balancing to maximize the efficient use of working capital and ensure that cash balances are fully leveraged.
The application also automatically creates the supporting wires to move funds across accounts to streamline balances. Specific target balancing profiles can be managed on an account-by-account basis. A key aspect of any cash manager's role is the processing of claims in connection with reconciliation differences. The application fully supports position justification and provides the ability to raise claims for any differences noted, primarily from late funding notifications or value date mismatches.
Thrower continued, "With its robust controls and audit capabilities, the Cash Management Factory addresses the increasing pressure for management control in response to Sarbanes Oxley and Basel II. Wall Street Systems believes that the Cash Management Factory can deliver immediate return on investment for major firms that are seeking to improve operational efficiency in the cash management area."