19 August 2017
visit www.avoka.com

The Bank of New York to provide CLS services to Mashreqbank

04 February 2004  |  734 views  |  0

The Bank of New York has been appointed by Mashreqbank psc to provide third party settlement services for Continuous Linked Settlement (CLS).

CLS is a banking industry initiative designed to reduce risk, increase trading opportunities and reduce costly reconciliation from the settlement of foreign exchange trades.

The arrangement will promote the integration and optimization of Mashreqbank's treasury, trading, cash management and reporting functions with The Bank of New York's settlement operation. Mashreqbank will use SafeSettle, The Bank of New York's proprietary Internet link to CLS, to monitor CLS settlement on a real-time basis.

Majid Husain, senior vice president and Head of the Financial Institutions Division at Mashreqbank, said, "We selected The Bank of New York as our CLS partner because of its ability to provide us with unique solutions that will enable us to offer third party payments capability to our clients. We have had a long and mutually beneficial relationship with the Bank, and we look forward to the continued expansion of our alliance."

William F. Williams, senior vice president and Head of The Bank of New York's Middle East, Eastern Europe and Africa Division, said, "Our third party CLS services will enable Mashreqbank to reduce its settlement risk and process its foreign exchange payments in a more efficient manner, and we look forward to working with Mashreqbank to enhance value for its customers."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.dorsum.eudownload the paper nowvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
8586 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7642 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6848 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6316 views 1 | 5 tweets | 3 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
6160 views comments | 11 tweets | 9 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job