Source: City Networks
Nedbank Capital, the investment banking business of Nedbank Limited which is the South Africa based principal banking subsidiary of Nedcor Limited, today announced a re-evaluation of its treasury management operations at their head office in response to the introduction of the ZAR as a CLS currency.
Having conducted a full review of the impact of CLS since its early days, Nedbank Capital took the decision to establish HSBC as their settlement member so as to achieve the benefits of CLS access without incurring the major costs of direct membership.
With a time to market deadline of just 4 months, Nedbank Capital identified the need to deploy a technical solution to support the project that was not only robust and rich in functionality capable of meeting their business requirement, but also able to be implemented within this critical timeframe. In addition, Nedbank Capital was also determined to select a solution that could be integrated without full treasury implementation and with limited impact on existing solutions.
Nedbank Capital took the decision to compile an extensive evaluation of the suppliers in the market, the result being one solution appearing to have a clear advantage in meeting these specific criteria. City Networks' Gateway solution represented a virtual stand-alone "plug and play" solution that Nedbank believed would save critical time and, hence, cost compared to the installation of a new treasury system with an in-built CLS capability. The system also enabled rapid participation in CLS by offering a single point of control and examining each confirmation to determine whether the trade should be settled through CLS. City Networks also came highly recommended by HSBC who had successfully deployed the CityNet CLS Gateway system in their first 3rd party client to go live with the bank, offering high appraisal of the level of customer service received during the implementation process.
Gerald Aron, Head of Treasury Operations at Nedbank Capital was delighted with the way City Networks carried out the procedure commenting: "It was a pleasure doing business with a professional and efficient company like City Networks that is always thinking of the customer requirements first."
Jose Navarro, Regional Manager, SA at City Networks added: "We worked very effectively with the Nedbank team, making the CLS skills and resources available to meet the demanding timeframe set by the bank."