The Sociiti Ginirale Group is the sixth largest bank in the euro zone, the third largest French company for its 2001 net income and has the 7th largest market capitalisation on the Paris Bourse (EUR 24,5 billion on 05/21/02). The Group employs more than 80,000 people around the world of which 43% are outside France. SG is currently using the system in London, but has purchased a licence that will enable the Bank to use the new City Networks module globally.
SG is currently using the CityNet Enterprise Reconciliation Module (Insight) to perform several hundred reconciliations each day, including bank reconciliations, security custody reconciliations and a range of inter-system reconciliations. The Bank is already reaping the main benefit that comes with this product - that all reconciliation systems, business processes and procedures have been centralised and standardised. This has significantly reduced the length of time that the Bank is exposed to the operational risk that a reconciliation break creates.
Previously SG used the same module but on a Microsoft SQLServer database running on the MS Windows 2000 operating system. Now City Networks has supplied the company with version 3.3 of the system which may also be operated in an Oracle/Unix environment. This new version means that the Bank will now be able to centralise and standardise the IT infrastructure in Paris
Ken Camp, Head of Settlement IT at SG Securities comments: "We first purchased Insight v1 from Future State Technology in 1998. At that time it was a niche product, however since City Networks acquired the product we have seen huge improvements to its functionality and now we believe that with the launch of the new Oracle/Unix version it will give SG a more functionally rich product with a very scalable performance path."
Nick Russen, Managing Director for Europe at City Networks adds "Research and Development into possible new functionality for our products is a very important part of our company and we are delighted that one of our most valued customers, Sociiti Ginirale, is able to take advantage of the latest version of our Enterprise Reconciliation module in order to make significant cost savings."