City Networks Achieves SWIFTReady Gold Status for Cash and Securities Reconciliation

London - 14 June 2004, City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced that SWIFT has renewed its SWIFTReady Gold Cash Reconciliation and SWIFTReady Gold Securities Reconciliation accreditations for the CityNet Reconciliation Cash and Securities modules for another consecutive year.

The gold status award, the highest accreditation available, secures City Networks' status as a leading vendor in the reconciliation marketplace. An increasing number of new prospects are attracted to City Networks by the independent SWIFT endorsement, with many using the accreditations as a benchmark starting point in their selection process.

New requirements within the assessment process at SWIFT ensure that the selection criteria are closely aligned to the requirements of end users, ensuring the benchmark of the SWIFT accreditations are meaningful assessments of vendors' ability to support specific functionalities. City Networks' consistency in producing award winning solutions is a tribute to its commitment and investment in ongoing development and enhancement of its entire product portfolio.

A number of strategic new reconciliation customer announcements in recent months, including ING Poland, HVB Group, Banca Transilvania, and Fortis Clearing, are further testament to the superior products the company offers.

Joel Ludvigsen, Head of Partner Solutions at SWIFT commented: "Considerable focus and dedication to product development is required in order to achieve SWIFTReady Gold status, and the accreditation is recognition of not only product maturity, it also demonstrates that end users are realising business benefits from using this sophisticated and robust software product. We look forward to another year of working with the City Networks team and assuring SWIFT users that the accreditation of its product is another operational risk removed."

Costa Christodoulou, CEO at City Networks added: "It is significant for us to be providing our customers with independently recognised, leading-edge and award winning solutions. We have undertaken considerable customer-focused product development throughout the year, and anticipate continued growth in our reconciliation customer base throughout 2004, due to the rigorous assessment and endorsement by SWIFT of our products."

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development