City Networks, a supplier of software and services to the treasury, securities and derivatives markets, today announced the sale of three products to Bratislava-based Tatra Banka: CityNet Treasury Confirmation Matching (TRAM), Cash Reconciliation (CARS) and Exception Processing (TIPS).
“This first sale to the Slovak Republic demonstrates City Networks’ continued commitment to expansion into Central Eastern Europe and follows on from a number of key implementations in the region,” says the software provider.
Tatra Banka, a wholly owned subsidiary of Raiffeisen Bank, was established as a private Bank in 1990 and has ranked among the leading financial institutions in the Slovak Republic for many years. The Bank’s trading activity has grown and the processes of confirmation matching, nostro reconciliation and exception management are now to be fully automated using the three City Networks solutions due to be implemented in January.
City Networks says that through this implementation Tatra Banka will reap the benefits of higher rates of STP: reduced operational risk, increased productivity and tighter cost control. The bank will be using the systems to process Nostro Reconciliations, some 10,000 reconciliation entries, and an estimated 600 FX/MM confirmations daily.
“We are proud to announce Tatra Banka as our first order in the Slovak Republic,” says Costa Christodoulou, CEO at City Networks. “We see Central Eastern Europe as an area of continuing high growth for us and over the next 6 months we expect to be making further investments in the region.”