City Networks says that the Mizuho Financial Group has purchased its CityNet applications for confirmation, payments and reconciliations.
Mizuho, Japan’s largest bank, is now live with the CityNet tools in its treasury operations in London, New York, Singapore and Hong Kong. Mizuho bought CityNet Matching (with broker and CLS compliance), CityNet Reconciliation, CityNet Investigation, CityNet Bank Gateway and CityNet Broker Fee Reconciliation.
City Networks says it has built an exceptions-focused, confirmation, payment and reconciliation solution that has the flexibility to link together existing systems in each of Mizuho’s four main processing hubs.
Mizuho selected the CityNet suite following an evaluation. It says compliance with operational risk and compliance directives was a major consideration. Another was compliance with the Continuous Linked Settlement (CLS) initiative.
“Our focus now more than ever is on business and transaction integrity, together with providing a first class service to our customers,” says Colin Reith, General Manager, European Operations and Systems Division.
Riichi Ito, Deputy General Manager in the IT & Systems Planning Division art Mizuho in Tokyo, addstaht “City Networks’ ability to support our business globally and to adapt to new industry requirements has satisfied our high supplier requirements”.