City Networks says that the Commercial Bank of Dubai (CBD) has implemented its CityNet Reconciliation module.
The solution has been installed at the Head office of CBD in Dubai and will initially be used for Nostro reconciliations in the Financial Control Department. On completion of the process the solution will be extended to other areas such as the Card Operations Department (including VISA Interchange, Master Card Debit Switch (MDS) settlement, Cardholder payment processing etc.) and also the User Support departments (Clearing Suspense account reconciliations).
City Networks says that, prior to the installation of CityNet Reconciliation, CBD had a manual process in place requiring the resources of several staff to handle its Nostro reconciliations. With the implementation and subsequent automation of the process, the members overseeing this function have been significantly reduced, thereby allowing for redeployment of valuable resources to other areas of the bank, says City Networks, who add that the solution was operational at CBD within a week. Once all rules are activated, the automated reconciliation rates are anticipated to be between 85% to 95%.
“As part of our ongoing strategy to automate all reconciliations at the Commercial Bank of Dubai we are pleased to have implemented City Networks’ technology and already be achieving positive matching rates,” says Mahmoud Hadi, Assistant General Manager – Systems & Operations at Commercial Bank of Dubai comments. “This technology and relationship with City Networks will be important to us; particularly with regard to Basel II requirements. Basel II is currently a key issue with Banks in the UAE and we are assessing our systems to ensure that we meet the upcoming regulations.”
City Networks and its partner in the Middle East, Euro Banking Solutions (EBS), went through an RFP process with CBD. Local support from EBS was a crucial factor in the choice of CityNet Reconciliation, says City Networks.
“We are delighted that the Commercial Bank of Dubai has selected City Networks for reconciliations and we look forward to working closely with the bank,” says Nick Russen, Director of Partners and Distributors. “Our partner in the Middle East, Keith Blankley at EBS and his team, continue to be an integral part of providing our clients in the region with the highest level of service and support.”
The Commercial Bank of Dubai was established in 1969.