Synergy Log-In Systems Ltd, a leading software vendor in the treasury, investment and risk management markets in India since 1993, and City Networks Ltd, the London-based provider of software and services to the treasury, securities and derivatives markets, have formed a partnership to service the Indian market.
Synergy Log-in Systems will distribute and service City Networks’ matching and reconciliation applications – CityNet Matching, CityNet Conversation Checker and CityNet Reconciliation – in India.
“We are delighted to be working with City Networks, whose back office systems are so well respected worldwide,” says V. Sanjay Kumar, Managing Director at Synergy Log-In Systems Limited. “Our focus has always been to provide value in the Treasury area for Banks, Financial Institutions and other Corporates. There is clearly a great deal of synergy between City Networks’ product set and our own. This partnership will enable us to deliver considerable business benefits to both existing and new customers.”
Synergy Log-In Systems has sold treasury products since 1993, and distributed a third-party SWIFT switch since 1994. These systems are installed at over 60 sites across India, including Mumbai, Delhi, Calcutta, Chennai, and Bangalore. Synergy’s new Treasury, Risk Management & Nostro Reconciliation product – Integrated Treasury Management System’ (ITMS) – is currently the market leader in India. It is deployed at over 25 sites in in India, Sri Lanka, Kenya, Nigeria and Oman.
“Entering into a key partnership arrangement with Synergy Log-In is another step forward in providing world class solutions in the reconciliation and matching areas in emerging markets such as India,” says Guyon Hayklan, Managing Director for Asia Pacific at City Networks. “The partnership will allow banks and other financial institutions to achieve complete STP by removing the need for manual intervention and reducing transaction processing times. An alliance with a market leading company such as Synergy Log-In makes it possible to provide the customer with the best possible solution to these critical business issues.”
City Networks provides confirmation matching, reconciliation and exception management software to banks, brokers and corporates. Clients include HSBC, ING, DBS, Mizuho, J P Morgan, Merrill Lynch and Credit Suisse First Boston.
“We recognise the benefit of providing additional lines of local support and local systems integration to maintain the high level of service our customers expect,” says Nick Russen Director, Partners and Distributors at City Networks. “To achieve this we are working with industry leading companies, such as Synergy Log-In, to ensure both are provided on a global basis. Synergy Log-In have specific skill sets that complement those directly provided by City Networks which will add value to our mutual customers.”