Fundtech makes CLS splash at Sibos

Fundtech makes CLS splash at Sibos

New Jersey-based Fundtech has launched PAYplus for CLS Third Party Edition and IOSwaps Manager, two new products for the CLS market designed to help financial institutions eliminate risk associated with cross-currency foreign exchange transactions and manage liquidity requirements.

PAYplus for CLS Third Party Edition gives second-tier banks the ability to manage the activities of their branches, subsidiaries or corporate customers, while connecting with settlement members. The solutions promises multiple delivery channels to settlement members, better management of risk and the ability to achieve higher STP rates.

Fundtech has also introduced IOSwaps Manager, a stand-alone or fully integrated module that allows CLS settlement members to automate Inside/Outside Swaps processing, and so reduce their liquidity requirements for CLS settlements. With IOSwaps Manager, Fundtech claims to be the only company currently providing a solution that automates the confirmation of both legs of a CLS I/O Swap transaction.

Moti Porath, senior vice president, global solutions, Fundech, says 12 of its 18 settlement bank customers are already participating in live production and the rest will follow shortly.

"With the CLS system officially 'live', we see a bright future for CLS. We believe our two new solutions will give both settlement members and third party financial institutions more tools to take advantage of the opportunities presented by CLS Bank," says Porath.

Fundtech is showcasing the new solutions at the Swift 2002 Sibos tradeshow in Geneva, Switzerland.

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