Commonwealth Bank of Australia (CBA) has purchased City Networks’ CityNet Matching for CLS module for implementation in Sydney and London. The CityNet module is to be used for four-way matching, including CLS status match, allowing CBA improved automation and a greater rate of STP. The module will replace a one-way match system in Sydney that currently interfaces between the client and CBA; in London it will replace a system that requires high levels of manual intervention, with users relying on running print report batches throughout the day. City Networks has also launched what it claims to be the first global reconciliations package to be translated into Japanese. The Japanese version of CityNet Enterprise Reconciliation was developed to meet the demand from City Networks’ Asia Pacific offices. Separately, Bank of Tokyo-Mitsubishi has implemented the latest version of the CityNet Matching module. Having gone live in the London branch, the CityNet solution will be rolled out globally across the bank’s operations for FX, inter-bank and customer dealing confirmation matching.
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