The Dai-Ichi Kangyo Bank has signed an extensive deal with City Networks, on behalf of the Mizuho Financial Group (MHFG), for the provision of systems to automate its treasury operations in London, New York, Singapore and Hong Kong.
The system was required to facilitate the smooth integration of treasury processing in light of the merger between The Dai-Ichi Kangyo Bank, Fuji Bank and The Industrial Bank of Japan, which will become the Mizuho Financial Group. With the consolidation of the three institutions’ critical treasury processes any new solution had to provide for continuity and maintain the high level of accuracy vital to each banks business. All three banks have been City Networks’ customers for over 10 years, and as such were confident of the high level of service and product functionality that would be provided.
Richard Hill, Chief Executive of City Networks had this to say, "This merger has meant that the 3 banks have had to re-evaluate their current business processes to find a practical and reliable solution that could work within the constraints of each entity. The City Networks product range provides a seamless solution, enabling the automation of the Mizuho Financial Groups’ processing requirements, whilst still allowing the functionality of its existing in-house systems to be utilised."
This global consolidation will further enhance the services that the three banks can offer to their customers. It will enable a far greater degree of straight through processing and will significantly reduce exposure to Risk.
The integration and implementation of the City Networks integrated METRO product suite is already underway. The business areas affected and the systems being employed are:
- Confirmation Matching / Scanning - TRAM / SCANit
- Account Reconciliation - CARS
- Investigation Workflow - TIPS
- Payment Control - PACS
- Nostro Position Keeping - POST
- Netting - ALLNET
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