21 October 2017
Register now

Fortis Clearing implements City Networks reconciliations module

31 July 2003  |  3615 views  |  0 Fortis Clearing implements City Networks reconciliations module

Fortis Clearing, a subsidiary of Belgium-based Fortis Bank, is deploying the CityNet Enterprise Reconciliation (Insight) module from City Networks at its London office.

Insight will be used to reconcile open positions, open trades, open trade equity and option market value. The transactions take place between a number of clearing houses, clearing brokers and clients.

Nick Russen, UK MD at City Networks, says Insight replaces Fortis' current reconciliation system, which uses Microsoft Access and Excel, enabling the firm to perform an increased and more efficient number of reconciliations.

The product will also provide improved exception reporting and new functions including access to audit control and management capabilities.

Fortis Clearing reconciles over 150,000 internal records and a similar number of exchange records each day, with the Euronext.Liffe and Eurex exchanges. Once reconciliations with other exchanges have been automated the company expects daily volumes to exceed 500,000 records.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fortis Investments connects to Radianz for FIX networking

Fortis Investments connects to Radianz for FIX networking

16 July 2003  |  3314 views  |  0 comments
HSBC deploys City Networks module for Middle East treasury operations

HSBC deploys City Networks module for Middle East treasury operations

15 July 2003  |  3842 views  |  0 comments
City Networks partners brokers for Web-based STP

City Networks partners brokers for Web-based STP

24 June 2003  |  3288 views  |  0 comments
Commerzbank upgrades City Networks Cars module

Commerzbank upgrades City Networks Cars module

19 June 2003  |  5867 views  |  0 comments
Financial Objects opens City Networks' CLS Gateway

Financial Objects opens City Networks' CLS Gateway

18 June 2003  |  3821 views  |  0 comments

Related company news

 

Related company information

BNP Paribas Fortis

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.innotribe.comvisit www.sibos.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
9129 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8731 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7846 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7335 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6952 views comments | 14 tweets | 23 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job