ANZ BANK, BARCLAYS, JPMORGAN CHASE & MIZUHO CORPORATE BANK TO SUPPORT CABLE & WIRELESS REAL TIME NOSTRO SERVICE

Bangkok--May 20--Ogilvy Public Relations Worldwide New service allows banks across Asia to now manage cash flows in real time, for the first time, across systems, currencies and time zones Cable & Wireless recently announced that ANZ Bank, Barclays, JPMorgan Chase and Mizuho Corporate Bank are to adopt Cable &Wireless Real Time Nostro as the standard infrastructure for sharing nostro account nostro accounts are typically foreign currency accounts maintained by banks with other clearing banks, in their non-domestic currencies, to facilitate clearing of funds outside their national geography. information between financial institutions and other organisations. The four clearing banks announced today that they will act as a channel to market for the service and supply data for it. Cable & Wireless Real Time Nostro is a subscription-based, online service providing financial institutions with a real time, consolidated view of their international transactions and balance details. The service is designed to bring together all the major banks, including Asian banks, that provide nostro clearing services on a single browser access system. Itwill provide them with greater visibility of cash movements globally across all types of accounts held with their nostro account agents, including those for foreign exchange, commercial payments and securities settlements. Cable & Wireless Real Time Nostro is enabled by software developed by Gresham Computing. Scheduled to be operational in October 2003, Cable & Wireless Real Time Nostro will help all banks, especially those throughout Asia, to minimise the risks associated with foreign currency and securities settlements, improve the management of global liquidity and enhance operational efficiency: - Automating the reconciliation process enables banks to limit the time, resource and margin of error involved in manually reconciling multiple statements that are delivered on paper at the end of the working day. Instead, users will have access to a single compilation of all their accounts, constantly updated in real time. ท Significant savings can be realised through the ability to manage cash flows across currencies and time zones intraday rather than after the markets have closed, or even days later, as well as by integrating the service with existing back office systems. Doug Loewe, president, Global Enterprise Markets, Cable & Wireless, commented: “This agreement marks an important milestone in establishing Cable & Wireless Real Time Nostro as the de facto standard for sharing nostro account information. It is through the combination of our business-class network, hosting facilities and professional services capability and our relationships with our partners that we have been able to help our financial sector customers address some very real business issues. In this case, the priority was to reduce risk in foreign currency and securities settlements and abide by international regulations.” Richard Pattinson, Senior Director, Settlement Strategy and Systemic Risk, Group Treasury, Barclays Bank, and Chairman of the SWIFT Real Time Nostro Account Information Steering Group (RTNAISG) commented: “This ground-breaking initiative assists the global financial community to reduce risks and exposures in the 24 hour management of payments and collateral,via a single view of nostro positions in each currency and across agent bank services. The provision of account transaction information in an industry standard format to enable intraday liquidity management and resolution of account queries and payments reconciliation within the day whilst each domestic currency market remains open, is a major step forward for banks now operating in a continuous global market.” Barry Holland, Director, Treasury Operations, Barclays Capital said: “Barclays wants to be at the forefront of efforts to limit the risks in international transactions: the Cable & Wireless Real Time Nostro service will allow us to manage liquidity more closely across the many accounts we maintain with other banks around the world.” Thomas Halpin, Vice President, and Head of Global Clearing Product Management for JPMorgan Treasury Services added: “Our clients see maintenance of different settlement accounts with different banks as a major cost. Allowing our customers real time access to data in accounts we keep, as well as accounts at other banks, provides opportunities to use cash more efficiently while minimising risks.” John Murphy, Head of International Payments, ANZ Bank said: “The ability to deliver customer data real time within a framework of globally agreed data standards gives us a platform to develop new and innovative business solutions for our clients, both banks and corporates.” The Cable &Wireless Real Time Nostro service will allow banks to send and receive information using a secure infrastructure and it is intended to attract further banks into providing account data. Data provision is based on industry standard XML and is compatible with developments in both internet based applications and SWIFTNet, enabling banks to move away frombatch based overnight processing of transactions to a more interactive way of managing cash flows. For example, a transaction error that currently would be corrected up to two days after settlement is due could be repaired and posted to a customer account before close of business on the day of settlement. Aggregation of account data will allow banks to identify risks such as unforeseen overdrafts and potential defaults within the settlement day. Cable & Wireless Real Time Nostro was developed in close conjunction with the banking community through a working group initiated by Cable & Wireless to discuss the adoption of new market practices for the delivery of real time information to the global financial community. Among this group are ANZ, Barclays, JPMorgan Chase and Mizuho Corporate Bank which collectivelyaccount for a substantial share of the world s financial transactions. The inaugural meeting of the working group took place at SIBOS 2002 in Geneva. Notes to editors * A nostro account. Agent banks provide clearing and other services for other banks | referred to as correspondent banks. Nostro accounts are typically foreign currency accounts maintained to facilitate clearing of funds for a correspondent bank in their non-domestic currencies, but can include currency of domicile and are used to process all types of payments, eg. commercial payments, money market transactions, securities settlements, derivatives, trade payments. Cable & Wireless Real Time Nostro is a subscription-based, secure, internet-based service that provides financial institutions with access to payment and balance data in real time. The service is designed to bring the major banks, including the Asian banks, that provide nostro clearing services together on a single browser access system: by doing this, a customer bank will be able to view account transactions in real time and manage cash flows accordingly. Additionally, banks will be able to integrate this XML-based data directly into back office systems to enable them to manage the many millions of transactions that are settled through nostro accounts daily. The Bank for International Settlements and the banking industry, through organisations such as the New York Foreign Exchange Committee, have long recognised the need to reduce the risks associated with many millions of daily settlements occurring in the world s payment systems. The foreign exchange market alone settles over $2 trillion a day: other types of transactions such as commercial payments, bond settlements and swaps settlements add significantly to these flows. Nostro account data is collected in native format from each of the banks and is then reformatted into industry standard XML using software provided by Gresham Computing. Account data is available initially from ANZ Bank, Barclays Bank PLC and JPMorgan Chase. However, it is expected that over time further banks will choose this mechanism to provide data to their clients. (Embedded image moved to file: pic00153.pcx) For more information on Cable & Wireless Real Time Nostro, visit the website at www.cw.com/realtimenostro About Cable & Wireless Cable & Wireless is a major global telecommunications business with revenue of over ฃ5.9 billion (US$8.6 billion) in the year to 31 March 2002 and customers in 80 countries. It consists of two core and complementary divisions: Cable & Wireless Regional and Cable & Wireless Global. Cable & Wireless Regional offers a full range of telecommunications services in 33 countries around the world, with major businesses in the Caribbean, Panama, the Middle East and Macau. Cable & Wireless Global provides IP (internet protocol), voice and data services and managed solutions for business customers. It has developed advanced IP networks and value-added services in the US, Europe and the Asia-Pacific region in support of this strategy. Building on its strong national businesses in the UK and Japan, Cable & Wireless Global will focus on serving primarily multinational companies (both enterprises and service providers) in the US, UK, continental Europe and Japan/Asia. For more information about Cable & Wireless, go to www.cw.com. About Gresham Computing plc Gresham's world class range of software products is used by organisations throughout the world for mission-critical applications. The company s products form the basis for total end-to-end solutions, backed-up by a complete range of professional services merging the traditional need for data resilience, testing and security with new value-added technologies. Customers include a wide variety of leading international blue-chip corporations such as financial services, utility suppliers, e-businesses and telecoms providers, in addition to public sector organisations including local authorities, health, education and central government. Gresham Computing is listed on the London Stock Exchange (GHT) and has offices throughout the world. For more information about Gresham, go to www.gresham-computing.com About JPMorgan Treasury Services JPMorgan Treasury Services (www.jpmorgan.com/ts) is a full-service provider of innovative treasury, cash management, liquidity, trade finance, information and e-commerce solutions to corporations, financial services companies and government entities worldwide. As a leader in U.S. dollar and cross-border payments, JPMorgan Treasury Services processes as much as $1.9 trillion in U.S. dollar wire payments daily and has been the number-one ACH originator since its inception some 28 years ago. JPMorgan Treasury Services delivers the strength of a global investment banking powerhouse, along with the personal touch and best in-country expertise of the finest regional banks worldwide. About ANZ Bank ANZ is a leading Australian banking and financial services group. With total assets of A$183 billion, ANZ is among the top 100 banks in the world. About Barclays Bank Barclays is one of the largest financial services group in the UK. It is a leading provider of services to multinational corporations and financial institutions in the world s main financial centres, and has more than 20 million customers worldwide. Barclays has been operating for more than 300 years and employs over 74,000 people. For further information, please visit www.barclays.com. For more information, please contact: Jim Montague Rommuk Piachan/Eileen Paat Cable & Wireless Ogilvy Public Relations Tel: + 61 2 8273-3224 Worldwide (Australia) Tel: +662 632 8300 (Bangkok) Email: [email protected] Email: [email protected] [email protected] End. -PM-

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