The solution has been installed at the head office of CBD and will initially be used for 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 Department.
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.
“As part of our ongoing strategy to automate all reconciliations at Commercial Bank of Dubai we are pleased to have implemented City Networks technology and are already achieving positive matching rates. This technology and relationship with City Networks will be important to us; particularly with regard to Basel II requirements. Basel II is currently a key issue with Banks in the UAE and we are assessing our systems to ensure that we meet the upcoming regulations,” said Mahmoud Hadi, Assistant General Manager - Systems & Operations of Commercial Bank of Dubai.City Networks and its partner in the Middle East Euro Banking Solutions (EBS) went through a rigorous RFP process with CBD. A user-friendly product, local support from EBS and positive feedback from other Banks in the region were all factors that led to the selection and implementation of the CityNet Reconciliation cash module.
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