The decision to go with Fides was an easy one: City Financial and Fides already had a number of joint customers and could demonstrate proven success. Fides’ track record as the leader in multi-banking solutions also came into play, as that industry expertise meant that less time would be required from Paramount Group’s treasury team to get everything set up.
Fides’ account reporting and electronic file transfer solutions can seamlessly integrate with TMS systems on the back end. All transactions flow through the City Financial TMS to Fides, which then makes any necessary conversions and executes the transfers. The same process happens in reverse for any inbound messaging.
The City Financial implementation took six months in total. Fides was brought in approximately three months into the process, which Paramount Group’s treasury manager, Manny Foutoulis, says helped to significantly shorten the overall time to value.