HypoVereinsbank upgrades Midas confirmation matching system

Source: City Networks

City Networks, provider of software and services to the treasury, securities and derivatives markets, and its strategic partner Misys, today announced that HypoVereinsbank is to implement the latest version of Misys' Midas Confirmation Matching solution, powered by City Networks' CityNet Matching.

The implementation at HypoVereinsbank, part of HVB Group, the second largest private-sector bank in Germany, was brokered by Misys and is currently taking place at its London operation. The upgraded solution is expected to be rolled out to its remaining Treasury processing and matching branches, including New York, Singapore, Tokyo and Athens.

HypoVereinsbank is one of the largest Misys customers using its Midas Confirmation Matching solution, and the matching system provides a facility to automate confirmation matching requirements. The solution eliminates manual input and therefore provides a cost effective improvement by reducing operational costs and losses. The matching facility maximises match rates and highlights exceptions in real time, controlling the payment process based on the confirmation matching result.

Once implemented at HypoVereinsbank, the matching solution is to be used in conjunction with existing City Networks implementations of CityNet Reconciliation and CityNet Investigation, providing the bank with a fully integrated and scalable back office solution. HypoVereinsbank is to implement the solution as part of ongoing process improvements at the bank, as it constantly strives to secure leading technology within its operational framework. Following the implementation the bank is expecting to see higher matching rates and faster processing throughout its back office operations.

John Bevil, Head of FX/MM Confirmations and STP at HypoVereinsbank commented: "We are constantly striving to implement technology that is fully scalable and that provides us with optimum functionality in order to offer the best possible service to our customers. It is therefore important to us that our operational infrastructure is of the highest standard, and that we operate as efficiently as possible, reducing manual input and removing operational risk from the back office process."

Nick Russen, Director, Partners and Distributors at City Networks added: "The implementation at HypoVereinsbank is to be our fourth upgrade sale in conjunction with Misys in the last 12 months. We are extremely pleased that the partner relationship between our two companies is resulting in bringing significant benefits to our clients. Our combined expertise greatly reduces operational risk for our clients, and I look forward to further developing solutions that are of strategic importance to our customers as our partnership progresses."

Roger Hedges, Head of Products for International & Regional Banking Markets at Misys added: "We are very pleased to provide this significantly enhanced Midas Confirmation Matching capability to HypoVereinsbank. As one of our largest clients, we look forward to working with the bank to improve its current match rates and throughput capabilities, and to progressing our partnership with City Networks in order to constantly meet the increasing demands of our clients."

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