Belgian bank picks Accurate Software for operational risk.
Belgium's Bank J. Van Breda & Co. installed Accurate Software's operational risk-management system, Accurate NXG, to automate the reconciliation of its nostro accounts. A nostro account is a banking term to describe an account one bank holds with another bank in a foreign country, usually in the currency of that foreign country. Bank J.Van Breda, a specialist bank for entrepreneurs and professionals, went live with Accurate NXG at its headquarters in Antwerp in October 2003.
The system replaced the bank's legacy reconciliation system Nostro, which was originally developed by Swift.