Rabobank Nederland has selected Fundtech's PAYplus for CLS software package for settling foreign exchange trades via Continuous Linked Settlement (CLS).
CLS Bank, scheduled to go live in 2002 with 67 of the world's leading foreign exchange trading banks, has been set up to reduce temporal risks in cross-border currency trading. It is anticipated the service will handle FX trades with a daily value of approximately three trillion US dollars.
PAYplus for CLS enables CLS settlement members to process their own transactions as well as to offer FX settlement services to user members and third parties. The solution is designed to interface with internal bank systems and automate transaction workflows - from trade matching, to funding, to payment scheduling - while providing tools for risk management and forecasting, says the company.
Paul Jans, who is leading the CLS project for Rabobank, says: "PAYplus for CLS's browser-based solution makes the roll out of this product to our partner banks extremely straightforward and cost efficient. It gives us full flexibility to offer a service tailored to the needs of our international clients."