City National Bank has completed the installation of a PC-based investment system that provides real-time updates and account information at individual workstations for its Treasuries operation.
The system, developed by Mimics Inc., allows the Miami-based bank to handle all aspects of its Treasury market trading and settlement operation while also providing the tools to track the securities and process variable and fixed federal fund rates through 486-chip personal computers linked to a local area network, said Carl Day, senior vice president.
The $800 million-asset bank previously used an outsourcing arrangement, which required the bank to send transactions to an out-of-state mainframe system and then wait to receive confirmation reports.
Cost Savings
"We needed an efficient personal computer system that would allow us to save money and make our operation more efficient, and this system provides the answers," said Mr. Day. "It allows us to do everything in-house and provides us with much better control without having to wait for the information to be sent back and forth."
Mr. Day said the previous system was very costly and not very efficient.
"We realized that by going with this type of system we would be able create substantial savings," he said. "It allows us to pay a one-time fee for the software and stop paying the annual costs associated with the other system as well as allowing us to operate more efficiently from within."
City National uses other personal computer systems for its equities and bonds operations.
Mimics, which is headquartered in Angel Fire, N.M., specializes in accounting and financial software for banks and financial services institutions to run on International Business Machines Corp.'s personal computers.
