City Networks is to provide a listed Romanian bank, Banca Transilvania with its CityNet Reconciliation for Cash and ATM modules. City Networks is emphasising sales in east and central Europe at the moment.
Banca Transilvania, the first Romanian bank to be listed on the Bucharest stock exchange, is to implement CityNet Reconciliation for Cash and ATM across its domestic operations. The technology will reconcile the bank’s nostro accounts, ATM network transactions, and card transactions. Its reconciliation process was not previously automated.
City Networks was selected by Banca Transilvania after a market evaluation, primarily because its technology could reconcile ATM network transactions. City Networks says the automation of the bank’s manual and spreadsheet aided reconciliation process will enable staff to focus on exception processing.
“Banca Transilvania is committed to investing in leading technology,” says Nicolae Ploata, Vice President at Banca Transilvania. “The decision to implement the CityNet Reconciliation for Cash and ATM modules as an integral part of our reconciliation process is attributed to product reliability and performance.”
Nick Russen, UK and Europe MD at City Networks added that “data integrity provides a significant operational advantage for institutions such as Banca Transilvania. We view the region as a growth area for City Networks and it is a significant success for us to be working with Banca Transilvania to reduce the element of risk in its reconciliation transactions.”