HSBC Employs City Networks Solution for Middle East Operations
City Networks has announced the implementation of its CityNet Confirmation Matching (TRAM) module for HSBC’s regional treasury operations in the Middle East. The module removes the need for manual intervention, reducing transaction processing times, and eliminating the element of operational risk from the transaction lifecycle, said City Networks. The solution has been implemented in collaboration with City Networks’ Middle Eastern distributor, Euro Banking Solutions, at HSBC’s treasury operations regional office in Dubai, and serves operations in seven states in the Middle East: Bahrain, Egypt, Jordan, Lebanon, Oman, Qatar and the UAE. Prior to implementing the system, the confirmation matching process was mainly a manual procedure. Previously, incoming SWIFT and Telex payment and confirmation messages were being physically checked against information supplied by HSBC’s host system.