Financial Objects opens City Networks' CLS Gateway

Financial Objects opens City Networks' CLS Gateway

Financial Objects is partnering with City Networks to provide CLS interfaces to Ibis/S2 back office package clients who are third party members of the Continuous Linked Settlement Bank.

Using City Networks' CLS Gateway product, Ibis/S2 clients will be able to communicate real time payment instructions relating to CLS settlement direct to Settlement Member banks as well as handle the reconciliation of trades and settlements.

David Carruthers, CEO, Financial Objects, states: "The joint solution enables our customers to quickly implement a CLS-compliant solution which satisfies regulatory demands for control of settlement risk whilst reducing costs and improving STP levels"

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