City Networks Receives SWIFTReady Gold Accreditation and Launches Conversation Checker

Unique new product for real-time exception processing of treasury conversations.

Sibos, Geneva - 1 October 2002, City Networks, provider of software and services to the treasury, securities and derivatives markets, today launched their new CityNet Treasury module, Conversation Checker, and announced that the company has received SWIFTReady Gold Accreditation for Reconciliation for Payments and SWIFTReady Gold Accreditation for Reconciliation for Securities.

Conversation Checker is designed to automate the processing and checking of conversations and tickets that are output by the electronic broker systems, such as Reuters and EBS. It enables organisations to automatically process treasury related conversations, highlighting exceptions in real time. Conversation Checker also fulfils the dual role as a Front Office Ticket repository for quick and easy retrieval of all Reuters and EBS deals.

Traditionally, banks have checked conversations manually; this is a very labour intensive area of their operations which can be both costly and error-prone. There is considerable risk involved, with the danger of users misinterpreting conversations, losing parts of the conversation and forgetting to notify dealers about missing trades - as a result banks can incur heavy losses. Conversation Checker addresses these issues by automatically highlighting exceptions.

Conversation Checker significantly reduces Risk by highlighting potential errors and mismatches. Accuracy is optimised as conversations that may include a trade are prioritised for review. The need for paper storage is also eliminated as conversations and tickets are stored electronically within the system database.

Costa Christodoulou, Chief Executive Officer at City Networks commented, "We are delighted to launch Conversation Checker here at Sibos and to demonstrate that we are still dedicated to bringing our clients new and innovative ways to improve operational efficiency and reduce risk in their organisation. We are also doubly pleased to be able to announce our SWIFTReady Gold Accreditations."

To discuss Conversation Checker or any other City Networks solutions please visit the company on booth B076.

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