ABN AMRO said that Indover Bank has gone live as a Continuous Linked Settlement (CLS) third-party participant, the first bank in the Netherlands to do so, ABN AMRO said.
Indover’s operation in Hong Kong is expected to go live for fourth- party CLS services in the very near future.
CLS is a risk-free settlement service for foreign exchange transactions. With more than 60 CLS customers, ABN AMRO leads the market for CLS by the number of third and fourth party clients, the bank said.
“Our work with Indover is a great example of how ABN AMRO’s partnership approach is helping forward thinking organizations stay ahead in their markets,” said John Gibbons, managing director over cash flow advisory at ABN AMRO. “As well as becoming the first provider of Third Party CLS services in the Netherlands, Indover will benefit from a number of other foreign exchange and cash services.”
Indover has also awarded a number of additional mandates to ABN AMRO. These include the implementation of DealStation, the bank’s online foreign exchange trading portal, at Indover’s Amsterdam and Hong Kong operations, as well as Nostro accounts in JPY, AUD, SEK, SGD and CAD.
Dick van Leeuwen, general manager at Indover bank said, “CLS FastTrack was a key factor in our decision to award the mandate because they first understood our needs and current set-up, the implementation was completed to everyone’s satisfaction.”
CLS FastTrack, implemented for Indover Bank, enables institutions to achieve full CLS Third Party participant status in as little as six weeks, with no systems development work or associated costs. Clients are provided access to ABN AMRO’s leading CLS system, with trade information provided via a user-friendly web interface.
This provides real-time trade management and position overviews, pay-in and pay-out status checking, a full range of status and alert messages and almost unlimited reporting capabilities.