SA International & Capital Market Brokers is to implement the solution across its South African operations. CityNet Broker Gateway automates the construction and transmission of confirmation messages to banks and financial institutions, extending the Straight Through Processing (STP) chain for brokers, whilst reducing operational costs and improving service quality. At SA International & Capital Market Brokers, CityNet Broker Gateway will accept deal details for Foreign Exchange, Repo Products, Spot and Forward, and Interest Rate Derivatives, creating an electronic confirmation message to the recognised Automated Confirmation Service (ACS) standard.
Currently SA International & Capital Market Brokers use a system developed in house to send confirmations via email and fax. The City Networks solution will enhance the confirmation service that the broker delivers to its customers. It will ensure that a simple, efficient, and accurate method of keeping control of trades is provided.
Anton Vercueil, Managing Director at SA International & Capital Market Brokers commented: "CityNet Broker Gateway was recommended to us, and after conducting our own due diligence we firmly believe that we have made the right choice. Investing in proven technology to run an efficient and first class service for our customers is what ensures we maintain our leading position in the South African market".
Jose Navarro, SA Regional Manager for City Networks added: "By enhancing the delivery of confirmations at SA International & Capital Market Brokers we can deliver improved transaction efficiency and increased STP rates, which translates to improved customer service, the real business benefit. Our CityNet Broker Gateway continues to be fine-tuned, with the benefit of feedback from our users, so that our clients are guaranteed we deliver the very best confirmation solution in the market today".