London, 7 April 2004, City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced that Bank BPH PBK's Warsaw location are now in full production with its automated CityNet Matching solution. A significant step forward for the bank's STP initiative.
Bank BPH PBK, the third largest bank in Poland, has successfully rolled out CityNet Matching to automate the bank's treasury matching requirements at its Warsaw office. The bank is benefiting from the solution's three-way matching ability that highlights exceptions in real time in order to reduce its costs and operational losses. Bank BPH was a customer with CityNet Matching prior to its merger with Bank PBK, and the product rollout was a result of first hand experience of its performance and reliability.
Previously Bank PBK was using a manual system for confirmation matching and since automation rates have risen from 200 confirmations every eight hours to 250 confirmations every two hours. By maximising match rates and highlighting exceptions in real time, CityNet Matching eliminates manual input and significantly automates back office processes.
One of the key reasons for the implementation at the bank was the usability of City Networks' solution and the time saved in its back office processes. Luiza Karpinska, Head of Treasury Back Office Department at Bank BPH PBK commented: "Having viewed first hand the benefits of automation in the confirmation matching procedure using CityNet Matching it was evident that the product was a natural choice. It is part of our aim in improving our operations that we invest in innovative technology that adds real value to our business".
"In managing transaction risk we target processes that offer tangible benefits to clients such as Bank BPH BPK", added Nick Russen, Managing Director for EMEA at City Networks. "Increasing automation and efficiency provides a distinct advantage to the bank in its back office operations. Manual input poses a considerable limit on throughput in the confirmation matching process, and the removal of the associated risk is significant for Bank BPH PBK".
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