Italy's largest bank IntesaBci has chosen technology from back office vendor mpct to power its CLS (continuous linked settlement) server running on the Sun Solaris Unix platform.
The new server, which is to be installed at the bank's Milan headquarters, will provide 'own trade' and 'third party' CLS processing and messaging to third party banks.
Giuseppe Attana', senior manager, head of treasury, IntesaBci, says the bank chose mpct's technology because it could be installed within the required timescale; support proprietary as well as third party CLS services both now and in the future; and provide a real-time MIS (management information system) internally and to customers.
CLS is an interbank initiative to eliminate settlement risk in FX trading. Scheduled to begin live trials this month, the introduction of the service has been postponed until next year due to problems in testing of the IBM-supplied software.