City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced that Lloyds TSB Registrars has purchased their CityNet Cash Reconciliation (CARS) module for use in their UK offices.
Every UK publicly listed company has a legal duty to maintain an up-to-date record of its shareholders; they can either do this in-house or more typically appoint a service Registrar. Lloyds TSB Registrars is the UK’s leading provider of share registration services; it acts as a Registrar for over 800 companies including more than 50% of the FTSE 100 and manages around 24 million shareholder accounts.
As part of their policy of Continuous Improvement, Lloyds TSB Registrars has selected the CityNet Cash Reconciliation (CARS) module to support their Single Company ISA’s, Share Dealing, Cash ISA and Equity reconciliations. This module will replace their current system and will bring all the benefits of risk and cost reduction, and time and labour savings that come with increased automation and systems integration. Implementation of the new system is already underway.
Brian Spickett at Lloyds TSB Registrars says: “We selected City Networks technology over other vendors as their innovative approach and product most closely met our requirements and we were particularly impressed with the excellent GUI interface.”
Nick Russen, Managing Director for Europe and the UK at City Networks comments: “We are delighted with the excellent progress we’ve been making in the reconciliations market over the past eighteen months and we are particularly pleased to be gaining new name customers in a number of different vertical markets.”