Commercial Bank of Dubai Implements CityNet Reconciliation module
Commercial Bank of Dubai (CBD) has installed the CityNet Reconciliation module as part of its strategy to achieve automation in all areas of reconciliations across the bank. The solution has been installed at the Head office of CBD in Dubai and will initially be used for Nostro reconciliations in the Financial Control Department. On completion of the process the solution will be extended to other areas such as the card operations department and also the user support departments. Prior to the installation of CityNet Reconciliation, CBD had a manual process in place requiring the resources of several staff to handle its Nostro reconciliations. With the implementation and subsequent automation of the process, the members overseeing this function have been significantly reduced, thereby allowing for redeployment of valuable resources to other areas of the bank. The CityNet solution was operational at CBD within one week. Once all rules are activated, the automated reconciliation rates are anticipated to be between 85 per cent to 95 per cent.