Banco do Brasil has invited Bank of New York to provide third party settlement Continuous Linked Settlement (CLS) services to it.
The Bank of New York was chosen to provide CLS third party settlement services for Banco do Brasil’s head office, as well as for its branches in New York, London, and Tokyo. Banco do Brasil will use SafeSettleSM, The Bank of New York’s proprietary Internet link to CLS third party settlement services, to monitor its CLS process on a real-time basis.
“We are extremely pleased to provide CLS third party settlement services to Banco do Brasil,” says Joseph Furnari, senior vice president and manager of The Bank of New York’s
International Cash Management Sales Group. “CLS allows participants to reduce payment messages and associated processing costs, while further increasing operational efficiency and reducing costly investigations.”