London and New York, 24 May 2004, City Networks, provider of software and services to the treasury, securities and derivatives markets is pleased to announce the successful implementation of its latest software, CityNet Investigation, with advanced workflow facilities at BNP Paribas Securities Services, to further improve the efficiency of controls and risk management execution.
CityNet Investigation was implemented in mid May, and part of its role is to automate the handling of exceptions for BNP Paribas Securities Services' institutional clients, where transaction and reconciliation volumes are steadily climbing.
CityNet Investigation automates the handling of exceptions that are a consequence of the reconciliation process. The upgraded product has an extensive intelligent workflow engine that is embedded within the solution, which enables BNP Paribas Securities Services to introduce efficiencies in investigations.
This innovative technology has strengthened BNP Paribas Securities Services' product offering in a number of ways:
- Significantly reducing clients' operational risk
- Ensuring rapid delivery of items for investigation
- Boosting client servicing delivery
- Enabling high quality, timely data which allows clients to generate trades, review performance and to manage compliance and risk.
Commenting on the benefits of this successful implementation, Richard Piskorz, Head of Global Asset Servicing at BNP Paribas Securities Services said: "It is important that we are constantly streamlining our processes for our clients, by taking advantage of leading technologies, and we have therefore selected CityNet Investigation as one of our investigation and reconciliation tools. Having seen the benefits of such technology in operation with CityNet Reconciliation, the product fit was a natural one."
"Optimising efficiency in the reconciliation process offers a huge benefit to institutions such as BNP Paribas Securities Services and its customers", added Nick Russen, Managing Director for EMEA at City Networks. "Having the ability to deal with exceptions using CityNet Investigation will automate a potentially hazardous element of exception handling, and provide effective cost and time savings for BNP Paribas Securities Services and its institutional investor client base."