City Networks, the London-based provider of software and services to the treasury, securities and derivatives markets, says SA International & Capital Market Brokers have bought its CityNet Broker Gateway application for all of its South African operations.
City Networks says CityNet Broker Gateway automates the construction and transmission of confirmation messages to banks. SA International & Capital Market Brokers will use it for Foreign Exchange, Repo Products, Spot and Forward, and Interest Rate Derivatives, creating an electronic confirmation message to the recognised Automated Confirmation Service (ACS) standard.
“CityNet Broker Gateway was recommended to us, and after conducting our own due diligence we firmly believe that we have made the right choice,” says Anton Vercueil, Managing Director at SA International & Capital Market Brokers. “Investing in proven technology to run an efficient and first class service for our customers is what ensures we maintain our leading position in the South African market”.
Currently SA International & Capital Market Brokers use a system developed in house to send confirmations via email and fax.
“By enhancing the delivery of confirmations at SA International & Capital Market Brokers we can deliver improved transaction efficiency and increased STP rates, which translates to improved customer service, the real business benefit,” says Jose Navarro, SA Regional Manager for City Networks. “Our CityNet Broker Gateway continues to be fine-tuned, with the benefit of feedback from our users, so that our clients are guaranteed we deliver the very best confirmation solution in the market today”.