City Networks says Bayerische Hypo-und Vereinsbank AG (HVB Group) London Branch, a user of City Networks solutions for over ten years in London, has selected the latest version of CityNet Reconciliation and Investigation after a comprehensive market re-evaluation. Besides the London implementation, HVB Group also has installations in 6 other centres including New York.
HVB Group undertook an evaluation of 10 vendors and short-listed four before selecting the systems. Each supplier was provided with a file of a typical day’s Treasury transactions for six of their most active accounts (approximately 10,000 transactions) to discover comparative capability in the reconciliation engines. City Networks says that the results showed that some suppliers could not match the incumbent’s current rate of 92% and only City Networks was able to improve on it, leading the evaluation at 96%.
The firm says its CityNet Reconciliation and Investigation version 6.0 offers a number of other benefits to HVB’s London Branch such as its ability to run 24×7, eliminating any ‘end of day’ process. The solution also runs processes significantly faster than before and provides improved integration between the confirmation matching, cash & securities reconciliation and the investigation functions. Additional benefits include only one sign in and one user screen to access information on reconciliations and investigation, improved archiving and improved report creation.
“Integration is crucial and this system is highly integrated. We want to continue to be volume insensitive, so better integration and faster processing means that in spite of a 5% increase in volumes over the last year, there has been no change in numbers in the reconciliations and investigations department of four people,” says Mike Turner, Head of Nostro Control at HVB London. “In addition, the City Networks range of modules supports STP, and we are working towards being fully STP capable.”
Michael Wiedemann, Head of Operations at HVB London, adds: “When evaluating suppliers, we looked for a consistent track record in delivering what is promised, a significant installed base, and City Networks continues to meet these criteria.” Michael continues, “Despite the length of time in the market, City Networks has not fallen complacent and is a leader in matching and reconciliation systems. With the way the market has changed over the years, demands have risen, technology has changed significantly, and City Networks continues to demonstrate its commitment to the market.”
“We have a long history with HVB Group and we are pleased that they are looking to further increase usage of our application suite,” says Nick Russen, MD for Europe at City Networks. “We look forward to working with the bank to help them to achieve the reconciliation rates that meet their high standards.”