ING Bank Slaski S.A. part of ING Group - one of the largest financial institutions in the world - purchased CityNet Investigation and the Cash and Intra-day modules of CityNet Reconciliation to create a truly integrated and automated reconciliation environment in its Warsaw and Katowice headquarter offices. The modules of CityNet Reconciliation integrate seamlessly to settle the bank's nostro, internal and intra-day account transactions. CityNet Investigation automates the handling of any exceptions resulting from the reconciliations process reducing the need for manual intervention.
The bank previously performed its investigations using a packaged reconciliation software solution supplemented with manual process steps. However this no longer met the bank's requirements for the automation of the entire reconciliation process. The immediate benefits of implementing the CityNet solutions will be a more effective automation with the result that they now achieve a higher Straight Through Processing rate and faster resolution of investigation errors than before. There will also be an increase in operational efficiency through the elimination of paper-based processes, improved efficiency and the reduction in operational risks and processing costs.
"Our ability to maintain a leadership position in the Polish market requires us to use the best available technology. By maintaining IT efficiency, we can improve our operational capabilities, minimise risk and move closer to a true STP environment." states Hanna Mantorska, Head of Monitoring at ING Bank Slaski Poland. Hanna continues: "City Networks was selected by us as the most suitable for our needs after a thorough investigation of products available on the market."
Nick Russen, Managing Director for EMEA at City Networks added: "We are very pleased to be working with ING Bank Slaski S.A. and have no doubt that results will demonstrate that we are a significant contributor to the increased operational efficiency of the Bank's reconciliations processes. This is an essential element for maintaining costs and improving overall performance of the automated processes within the Bank."