The marketing and support agreement relates to City Networksâ CityNet range of solutions, including CityNet Enterprise Reconciliation, CityNet Matching, CityNet Reconciliation and CityNet Investigation.
Ingenisis was founded in 2001, specifically to implement software solutions to resolve the operational risk issues facing a number of the major French banks. The company has rapidly grown to include skills and capability in all areas of software systems implementation and training, as well as ongoing services and support. Adoption of the CityNet suite is seen as the final step in allowing Ingenisis to provide an overall software and services solution to the banks.
City Networks has been providing leading-edge software solutions to the Treasury, Securities and Derivatives markets since 1986. Its established product range supplies the latest in transaction confirmation matching, reconciliation and exception management software to banks, brokers and corporates. Around 500 treasury, securities and derivatives institutions worldwide rely on City Networks for end-to-end financial messaging and application software solutions to address their straight through processing (STP) needs.
Abdellah Kaddouri, President of Ingenisis commented: "We are delighted to be working with City Networks, whose systems are so well respected worldwide. Our focus has always been to provide value in the operational risk area for Banks, Financial Institutions and Corporates. There is clearly a great deal of synergy between City Networksâ product set and our capabilities. The combination of market-leading software from City Networks, and the very best services and support from Ingenisis will enable us to deliver considerable business benefits to both existing and new customers, in France and North Africa".
Costa Christodoulou, Chief Executive Officer for City Networks added: "Entering into a key partnership arrangement with Ingenisis is another step forward in providing world class solutions in the reconciliation and matching areas into both well developed markets like France, and emerging markets such as Algeria, Morocco and Tunisia.
The partnership will allow Banks and other Financial Institutions to achieve complete STP by removing the need for manual intervention and reducing transaction processing times. An alliance with a market leading company such as Ingenisis makes it possible to provide the customer with the best possible solution to these critical business issues."
Nick Russen, Director, Partners and Distributors at City Networks added: "We recognise the benefit of providing additional lines of local support and local systems integration to maintain the high level of service our customers expect. To achieve this we are working with industry leading companies, such as Ingenisis, to ensure both are provided on a global basis. Ingenisis has specific skill sets that complement those directly provided by City Networks which will add value to our mutual customers."