SocGen Adopts City Networks Reconciliation Module
SG Corporate and Investment Bank, part of the Société Générale Group, has become the first customer to adopt City Network’s’ Oracle version of the CityNet Enterprise Reconciliation Module, ‘Insight’. The group expects to go live with the system in Q2 2003. SG is currently using Insight to perform several hundred reconciliations daily, including bank reconciliations, security custody reconciliations and a range of inter-system reconciliations. According to City Networks, SG will benefit from all reconciliation systems, business processes and procedures being centralised and standardised, a process that should significantly reduced the length of time the bank is exposed to the operational risk that a reconciliation break creates. Previously SG used the same module but on a Microsoft SQLServer database running on the MS Windows 2000 operating system. This new version means that the bank will now be able to centralise and standardise the IT infrastructure in Paris.