Credit Lyonnais has gone live with the CityNet Treasury Confirmation Matching for CLS module from UK software house City Networks.
The new module, which resolves trade exceptions for banks using continuous linked settlement (CLS) in their foreign exchange business, has been installed in the London branch of the French bank, a City Networks customer of five-years standing.
The software, which was commercially released in October last year, provides four-way matching between bank, broker, counterparty and CLS and fully automates the exception handling process.
Warren Hyde, manager for treasury operations at Credit Lyonnais says the priority for the bank was to find one single system that could monitor and resolve both CLS and non-CLS trades in the quickest way possible. "Now all of our information is available to the user on one system," he says. "As such, staff costs have been reduced and less time is needed to cross-train new staff."
Nick Russen, managing director for Europe and the UK at City Networks says the firm expects to announce further sales of the module in the near future.