City Networks, a provider of software services to the treasury, securities and derivatives markets, announced today that the Credit Lyonnais London branch has gone live with its CLS solution: the CityNet Treasury Confirmation Matching for CLS(tm) module.
City Networks, which has worked with the French bank for over five years, says that its solution will enable Credit Lyonnais to resolve trade exceptions, notified by CLS, quickly. “This comes as a result of the module’s instant four-way matching ability between Bank, Broker, Counterparty and CLS,” explains City Networks. “The product also fully automates the exception handling process, increases the efficiency of the back-office and brings significant cost savings for the bank.”
“The primary requirement for us, in evaluating solutions that process CLS trades, was to find one single system that could monitor and resolve both CLS and non-CLS trades in the quickest way possible – now all of our information is available to the User on one system,” says Warren Hyde, Manager for Treasury Operations at Credit Lyonnais. “As such, staff costs have been reduced and less time is needed to cross-train new staff. I feel that this experience has been a rewarding one for both Credit Lyonnais and City Networks.”
Nick Russen, Managing Director for Europe and the UK at City Networks added: “We are pleased to see our existing clients taking advantage of our best of breed product in order to satisfy all of their CLS needs and we look forward to announcing further sales in the near future.”