The marketing and support agreement relates to City Networksâ CityNet range of solutions including: CityNet Matching, CityNet Conversation Checker and CityNet Reconciliation, for the Indian market.
Synergy Log-In Systems has been a dedicated vendor of treasury and related solutions for over 10 years. Its first treasury products were launched in 1993; and Synergy has also distributed a third-party SWIFT switch since 1994: these systems have been successfully implemented and maintained at over 60 sites across India including Mumbai, Delhi, Calcutta, Chennai, and Bangalore. Synergyâs second generation treasury, Risk Management & Nostro Reconciliation product âIntegrated Treasury Management Systemâ (ITMS) is currently the market leader in India with a user base cutting across all segments of banks. It is now successfully deployed at over 25 sites in 5 countries including Mumbai, Delhi, Colombo, Nairobi, Lagos & Muscat in a range of contexts: bank treasury, primary dealer, fund manager and corporate treasury.
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.
Some of the leading international banking institutions using City Networks solutions include HSBC Bank, ING Bank, DBS Bank, Mizuho Bank, J P Morgan, Merrill Lynch and Credit Suisse First Boston.
V. Sanjay Kumar, Managing Director at Synergy Log-In Systems Limited, commented: "We are delighted to be working with City Networks, whose back office systems are so well respected worldwide. Our focus has always been to provide value in the Treasury area for Banks, Financial Institutions and other Corporates. There is clearly a great deal of synergy between City Networksâ product set and our own. This partnership will enable us to deliver considerable business benefits to both existing and new customers".
Guyon Hayklan, Managing Director for Asia Pacific at City Networks added: "Entering into a key partnership arrangement with Synergy Log-In is another step forward in providing world class solutions in the reconciliation and matching areas in emerging markets such as India.
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 Synergy Log-In 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 Synergy Log-In, to ensure both are provided on a global basis. Synergy Log-In has specific skill sets that complement those directly provided by City Networks which will add value to our mutual customers."