Financial Network Services inks alliance with City Networks

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Australian company, Financial Network Services Pty Ltd ('FNS') - an acknowledged global leader in integrated banking solutions and City Networks, provider of software and services to the treasury, securities and derivatives markets, today announced that the two companies have entered into a strategic alliance to further explore the integration of CityNet Confirmation Matching and CityNet Reconciliation modules with the BANCS treasury solution.

Trevor Builder, Vice President, Corporate Marketing at FNS said "We are delighted to have City Networks working with us and their solutions will provide added value for FNS's 100 clients around the world in eliminating the element of operational risk from the transaction cycle."

Charlie Hamdan, Senior Vice President, Wholesale Banking at FNS, added "After evaluating several companies, we chose City Networks for their leading edge solutions and were impressed with the way their solutions can increase efficiency in treasury processing for our clients. The automation of this important process will greatly reduce the scope for human error, saving both time and cost."

Costa Christodoulou, CEO at City Networks commented "Entering into a key partnership arrangement with FNS is another step forward in providing world class solutions in the reconciliation and matching areas. This will allow FNS's clients to achieve complete straight through processing (STP) through removing the need for manual intervention and proven reduction in transaction processing times. An alliance with a market leading company such as FNS makes it possible to provide the customer with the best possible solution to these critical business issues."

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