Fundtech announces new CLS products for third parties and settlement members

Fundtech the electronic payments, settlement, and cash management technology firm chose the Sibos conference in Geneva to launch new CLS products for third party agents and settlement members PAYplus for CLS Third Party Edition(tm) and IOSwaps Manager(tm). The expansion of

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Fundtech – the electronic payments, settlement, and cash management technology firm – chose the Sibos conference in Geneva to launch new CLS products for third party agents and settlement members: PAYplus for CLS Third Party Edition(tm) and IOSwaps Manager(tm).

The expansion of Fundtech’s suite of CLS products reflects its success in attracting buyers of CLS solutions. The firm now has 18 settlement bank customers. “We have had great success with our PAYplus for CLS* solutions,” says Moti Porath, Senior Vice President, Global Solutions. ” Twelve of our 18 settlement bank customers are already participating in live production, and the rest will follow shortly. With the CLS system officially ‘live’, we see a bright future for CLS. We believe our two new solutions will give both Settlement Members and Third Party financial institutions more tools to take advantage of the opportunities presented by CLS Bank.”

PAYplus for CLS Third Party Edition gives financial institutions participating in CLS settlement as Third Parties the ability to manage their own CLS activities, which may involve their branches, subsidiaries or corporate customers, while connecting with their Settlement Member. This level of control and independence is ideal for Third Parties with a significant volume of foreign exchange activity and a client base of foreign exchange (FX) customers (fourth and fifth parties). They can benefit from running their own back-office activities while connecting to Settlement Members and to SWIFT. The solution integrates with back office systems and allows the bank to manage the process locally. Other benefits of PAYplus for CLS Third Party Edition include multiple delivery channels to Settlement Members, the management of risk, and the ability to achieve higher STP rates.

Fundtech is also introducing IOSwaps Manager, a stand-alone or fully integrated solution that allows CLS Settlement Members to automate Inside/Outside Swaps processing, thus enabling them to reduce their liquidity requirements for CLS settlements.

The IOSwaps Manager allows CLS Settlement Members to automatically process the I/O swaps including: anticipating the receipt of CLS announcement(s), obtaining the I/O Swap files from the CLS Website, validating the swaps, and creating confirmations for swaps In and Out legs. Fundtech is the only company providing a solution that automates the confirmation of both legs of a CLS I/O Swap transaction. Banks using IOSwaps Manager, have less risk of missing the swap deadline or exceeding limits, which, in turn, results in reduced operational costs.

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