The importance of time synchronisation in the banking sector
What are the advantages of synchronising equipment in a banking institution?
Time synchronisation features significant advantages to the financial sector by providing essential time accuracy for ensuring the proper functioning of all operations.
It ensures the complete transparency of transactions. Every operation, whether a fund transfer, stock market trading or electronic payment, is being timestamped with extreme accuracy. This enables to retrace the sequence of events and quickly solve any discrepancy that might happen.
Besides, time synchronisation helps prevent fraud and market manipulations by ensuring that each transaction is recorded to the nearest millisecond, thus eliminating any possibility of non-authorised timestamping modification.
In an environment where high-frequency trading is increasingly present, accurate time synchronisation ensures market equity by guaranteeing that all transactions are carried out in the correct order and without offset, which is crucial for maintaining the stability and smooth running of financial operations.
Time servers and clocks for banks and financial markets
The banking and financial sector is one of the pillars of the global economy, where billions of transactions are carried out each day at lightning speed.
Transactions such as fund transfers, stock market transactions or electronic payments, rely on robust and accurate technological systems. In this context, time synchronisation and distribution play an essential role.
An accurate time is paramount for ensuring that all operations run smoothly and without errors. Rigorous synchronisation not only enables to make transactions easier, but also to ensure the security and transparency of financial exchanges.
Which role do time servers play in time synchronisation of banks?
Time servers play a crucial role in time synchronisation of banking systems, thus ensuring accurate and consistent coordination of all operations.
By connecting to highly accurate time sources, time servers provide an exact time reference to all equipment and clocks of a facility. This enables to timestamp every transaction, manage operations and observe all regulations, which require a synchronisation to the nearest millisecond.
Thanks to reliable synchronisation and accurate time distribution, banks can reduce the risks of errors, prevent potential frauds, and enhance operational efficiency. By guaranteeing that all actions are recorded with a perfect level of accuracy, time servers strengthen the transparency and the security of financial transactions, which are essential to maintain customer trust and the stability of the financial sector.
Gorgy Time offers and develops a wide range of time servers to meet the needs of the different financial and banking markets. These time servers have been designed to offer accurate and stable time synchronisation, essential in critical environments where reliability and security are of paramount importance.
The LEDI Network range of time servers is modular and scalable, since it is possible to add option cards depending on the specific requirements of each institution. With their multiple configurations, time servers can be adapted to fit perfectly into the existing infrastructure of each facility. Servers are being configured via an intuitive web interface, making them very easy to use while ensuring secure access.
This flexibility and ease of use enable banks and financial institutions to maintain reliable and precise time synchronisation, thus meeting the strict compliance and performance requirements of the financial sector.
The synchronisation mode
Gorgy Time offers several transmission modes to meet the specific needs of each installation. The most widely used is the NTP (Network Time Protocol).
By synchronising time via the Ethernet network, the NTP reaches a level of accuracy from milliseconds down to one second.
For even more stringent synchronisation requirements, the PTP (Precision Time Protocol) has been designed to offer a synchronisation accuracy down to nanoseconds, which is paramount in industrial environments where highly accurate coordinated operations are required.
With these advanced synchronisation solutions, Gorgy Time ensures that each installation benefits from a time accuracy meeting its specific requirements, thus optimising performance and operational efficiency.
LEDI® NETWORK TS
Accurate time server capable of generating multiple time codes.
LEDI® NETWORK ITS V2M 1U
Highly accurate, secure time server with triple redundant synchronisation inputs and multiple synchronisation outputs.
LEDI® NETWORK ATS
Highly accurate, secure time server with its internal base capable of providing a stable time signal even in holdover mode over long periods.
Analogue and digital clocks for the financial sector
Analogue and digital clocks are essential since they provide accurate time references in financial institutions.
Analogue clocks for better time visibility in banking institutions
Analogue clocks are of paramount importance in banking institutions, since they display the time but also bring an aesthetic and institutional dimension with their traditional and timeless design.
Installed in reception halls, meeting rooms and offices, they strengthen the professional atmosphere while facilitating time management for both customers and employees. Their simplicity and reliability are suitable for areas where clear and constant time reading is necessary.
Analogue clocks are easy to read and provide a familiar visual representation of time, thus enabling employees and customers to find their bearings in time. In a banking office where compliance with deadlines and time management are of paramount importance, an analogue clock which is correctly installed provides constant time visibility.
By synchronising with a time server, analogue clocks from the HANDI® range distribute an accurate and identical time across the entire institution, thus contributing to the efficient coordination of daily operations.
HANDI® 620
Single-sided round analogue clock with a 60-cm diameter, for outdoor use.
Digital and multizone clocks for trading rooms
Digital clocks offer increased accuracy and instant time readability, which make them suitable for trading rooms, data centres and bank back offices.
These clocks feature advanced technologies and can not only display the local time, but also multiple time zones, which is the case of LEDI World multizone clocks. This feature is essential for financial institutions operating on international markets, where it is paramount to keep an eye on opening and closing times of different world stock exchanges.
The multizone digital clocks enable traders, analysts and other financial professionals to coordinate their activities in real-time with their collaborators implemented in other world regions. By displaying the time of several cities simultaneously, these clocks make it easier to schedule and carry out international transactions, thus strengthening the operational efficiency of financial institutions.
Besides, these clocks are synchronised with a time server, thus ensuring perfect consistency, accuracy and reliability of all operations.
LEDI® 7
Professional tricolor LED clock, for indoor, single-sided, displaying hours and minutes.
LEDICA® ALPHA 7.M.S
Professional tricolor LED calendar clock, for indoor use, single-sided, displaying date (alphanumeric), hours, minutes and seconds.
LEDI® WORLD 7
Professional tricolor LED clock for indoor use, single-sided, displaying hours, minutes and seconds for 2, 3, 4, 5, 6 or 7 cities worldwide.
Q&A
How to choose between an analogue or a digital clock to equip a banking institution?
Choosing between an analogue or a digital clock for a banking institution mainly depends on the use and the location within said institution.
An analogue clock fits perfectly into reception halls, executive offices or meeting rooms, where it adds an aesthetic touch and strengthens the perception of professionalism and trust.
However, digital clocks are more suitable for environments where absolute accuracy and instant time reading prevail, such as trading rooms, data processing centres or monitoring rooms.
Digital clocks also offer the possibility to display several time zones, which is an asset in facilities operating internationally.
To sum up, the choice depends on the need for immediate visual precision, aesthetics and location, with each type having its own advantages depending on the context in which it will be used in the bank.
Why is using time servers of paramount importance in the time distribution of banking networks?
Using time servers is paramount in the time distribution of banking networks for ensuring the accuracy, reliability and security of financial operations.
In a sector where every transaction must be timestamped with absolute exactness, the identical synchronisation of systems is crucial. Time servers connect to reliable sources, which enable them to distribute an accurate and standardised time across all the IT systems of a bank.
This synchronisation guarantees that local or international transactions are recorded in a correct chronological order, thus reducing the risks of errors or disputes. Time servers play a key role in complying with regulations, especially the ones imposed by financial authorities, requiring accurate traceability of all operations.
By ensuring time consistency throughout the network, time servers strengthen system security by preventing timestamping manipulations or alterations, which is paramount for preventing frauds and guaranteeing the integrity of banking processes.