Credit Agricole is to implement Fundtech's PAYplus CLS (Continuous Linked Settlement) solution for foreign exchange trading and settlement.
PAYplus CLS will provide Credit Agricole with a suite of integrated foreign exchange payments and settlement services, including access to the CLS Bank, trade matching, liquidity management, reconciliation, interfaces to back-office systems, credit systems and exchange rate feeding systems.
Robert Boursault, executive vice president and head of operations and banking services, Caisse Nationale de Credit Agricole, describes the Fundtech package as "the most advanced CLS system on the market today".
He says: "Fundtech made a very early commitment to the CLS marketplace and it's reflected with the success of their PAYplus CLS solution."
New York-based Fundtech won the contract in association with Diamis, a French IT service company formed by AtosEuronext and Groupe Steria, and dedicated to the cash settlement and interbanking sector.
"After working with IBM to build the central system, we had a tremendous amount of experience with the settlement member banks," says Jean Pic Berry, CEO, Diamis. "Consequently, we were able to identify Fundtech as the strongest player in the market."
The CLS service is a bank-backed initiative to reduce risk in foreign exchange trading. Scheduled for live operation in October, software testing problems have dogged the project and it may now be delayed until the first quarter of 2002. CLS member banks and are understood to be awaiting the release of a new version of the software from IBM before committing to a firm cutover date.