Commerzbank and Dresdner Bank have both signed up with Fundtech for its PAYplus CLS solution. The PAYplus system will enable the banks to interface with the continuous linked settlement process, a bank-backed system designed to minimise the counterparty default risk in foreign exchange trading.
The new contracts complete a hat-trick of German bank orders for Fundtech's CLS system. Deutsche Bank also recently awarded a contract to the New Jersey-based vendor for its PAYplus CLS solution.