City Networks wins Mizuho payments contract

City Networks wins Mizuho payments contract

The Dai-Ichi Kangyo Bank has signed a deal with London's City Networks, on behalf of the Mizuho Financial Group (MHFG), for the provision of systems to automate its treasury operations in London, New York, Singapore and Hong Kong.

Mizuho is implementing City Networks' Metro back office payments systems suite as part of the integration of treasury processing at its subsidiary banking companies, Dai-Ichi Kangyo, Fuji Bank and the Industrial Bank of Japan. All three banks have been City Networks’ customers for over 10 years.

Richard Hill, chief executive of City Networks comments: "This merger has meant that the three banks have had to re-evaluate their current business processes to find a practical and reliable solution that could work within the constraints of each entity. The City Networks product range provides a seamless solution, enabling the automation of the Mizuho Financial Groups’ processing requirements, whilst still allowing the functionality of its existing in-house systems to be utilised."

The implementation of the Metro product suite for confirmation matching, account reconciliation, investigations, payment control, nostro position keeping and netting, is already underway.

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