Following the announcement earlier today by CLS Bank that the value of instructions settled through its CLS (Continuous Linked Settlement) System today passed $1 trillion, Fundtech has pointed out that fifteen of the banks using the system make use of a FundTech payments system.
According to Moti Porath, Executive Vice President, Fundtech Corporation: “This milestone represents an important event for the financial industry. The volume that CLS Bank has reached signifies that global financial institutions recognize the benefits of a proven system that eliminates the risk associated with cross-currency foreign exchange transactions and improves straight through processing rates. As a market leader already providing CLS solutions to eighteen of the world’s leading settlement banks, we are pleased to be a part of the CLS community and provide financial institutions with the opportunity to take advantage of the benefits of CLS.”
Banks using Fundtech’s CLS solutions include Citibank, Bank of America, Credit Lyonias, Nordia and Deutsche Bank.