Euro Clearing
WestLB Euro Clearing Services is the name of a service which is specifically designed to handle large-amount euro-denominated Interbank payments. The predecessor of this service was certified to ISO already back in 1997. Today this service is certified to ISO 9001:2008 just like all other processing units in WestLB Transaction Services.
The key features of WestLB Euro Clearing Services include:
- Same-day monitoring of customer accounts
- Pro-active, same-day information on exceptional account movements and items (unusual debit/credit balances, non-receipt of expected payments, unadvised incoming payments)
- Matching of incoming payments against payment advices to receive
- Designated personal contacts
- Integrated exception and investigation handling
- Direct access to the clearing systems
- Close integration with WestLB’s euro liquidity management
Many Euro clearing banks confine their customer account reporting to the provision of account statements which are usually reconciled with your books on the next business day, resulting in loss of interest on open positions.
Due to the high underlying amounts, WestLB Euro Clearing Services offers real-time monitoring of payment streams and account balances, thereby allowing the customer banks’ cash account managers at WestLB to recognise potential faults and avoid unnecessary costs already on the value day. This is done in close cooperation with the customer bank’s back office. WestLB Euro Clearing Services is ready to serve you between 07:00 and 18:00 on each TARGET business day and can therefore cover the complete euro settlement day across all relevant time zones.
We will gladly provide you with further information on our services.