Deutsche Bank has signed a contract with New Jersey-based Fundtech for its browser-based PAYplus CLS solution.
The bank will use the Fundtech system to interface into the new Continuous Linked Settlement (CLS) service and automate settlement of foreign exchange trades. The CLS service, which is scheduled to go live in 2001 with 57 of the world's leading foreign exchange trading banks, is intended to significantly reduce the risks that can occur when foreign exchange trades are settled. The service is expected to handle FX trades with a daily value of approximately US$3 trillion dollars.
PAYplus CLS enables CLS Settlement Members to process their own transactions and those of other user members and third parties. The system is designed to support straight-through processing by interfacing to internal bank systems and automating the entire transaction workflow - from trade matching, to funding, to payment scheduling.