Nedbank Streamlines Corporate Banking Operations with City Networks

Johannesburg and London, 13 June 2005 - Nedbank, the South Africa based principal banking subsidiary of Nedbank Group Limited, today announced a new initiative to meet increasing customer demands to make their foreign exchange trading process more streamlined – deemed ever more important with the greater international trading volumes being driven by the expanding local economy.

Nedbank has been increasing its deployment of SWIFT-based infrastructure to reflect the growth in international business, which, combined with their drive towards improved risk management and overall back office efficiency, has led to a review of its current trading methods; the result being the deployment of new technology with a capacity to meet their rigorous new requirements.

From a short-list of potential suppliers, the City Networks ConCord ETC system was the natural choice, having already established demonstrable success across a wide range of international banks. The service focuses on improving customer service and earnings improvement by automating the exchange and management of deal confirmations using the SWIFT network. By extending the STP chain, Nedbank are then able to pass on these benefits to its customers.

Nedbank were generous in their appreciation of the level of support and attention to detail made by the City Networks team in South Africa throughout the implementation of the system, helping make the process as seamless as possible.

Martin Pienaar, Head of Wholesale Product Management at Nedbank commented: "Maximising our efficiency by improving the way we manage and control risk is vital in order to meet the demands of our customers. We have been able to pass on potential cost savings, which is always welcome in a fiercely competitive customer servicing environment".

Jose Navarro, Regional Manager, SA, at City Networks was delighted at the efforts of his team and the relationship they had forged with Nedbank: "The successful implementation of ConCord ETC at Nedbank is testament to the dedication of our team. Client servicing is key to the development of our business in this region".

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