Commercial Bank of Dubai (CBD) has implemented the CityNet Reconciliation module as part of an effort to achieve automation in all areas of reconciliations across the bank.
The City Networks kit has been installed at the head office of CBD in Dubai and will initially be used for nostro reconciliations in the financial control department. The plan is to roll out the software to other areas such as the card operations and user support departments.
City Networks and local partner Euro Banking Solutions won the contract following a full RFP. The vendors say the software was operational within a week, and automated reconciliation rates are anticipated to be between 85% to 95%. The software replaces a manual nostro operation that required the full-time attention of several staff.
Mahmoud Hadi, assistant general manager - systems and operations at Commercial Bank of Dubai, comments: "This technology and relationship with City Networks will be important to us; particularly with regard to Basel II requirements. Basel II is currently a key issue with Banks in the UAE and we are assessing our systems to ensure that we meet the upcoming regulations."