Raiffeisen Zentralbank Österreich AG (RZB) is now fully operational as a CLS third party client of UBS.
After a thorough build-up, RZB went live as a CLS third party on 24 January 2005.
UBS and RZB have joined forces to engineer a fully integrated solution that maximises the operational and cost benefits of the CLS settlement process. The main objective of the implementation process was to create a highly integrated solution incorporating the latest CLS initiatives such as the elimination of MT300 SWIFT confirmations. To this end, a direct link between the two banks was established to underpin a true end-to-end straight-through process.
Gerhard Boesch, global treasurer of RZB, commented that, "UBS's well known strength in technology was one of the main criteria when we chose them as our CLS third party provider. This capability, together with UBS's flexibility in coming up with a tailor-made solution, gives us a solution that delivers all the intrinsic benefits of CLS."
Seth Cohen, global head of bank marketing at UBS Investment Bank, adds, "RZB underlines its position as a leading bank in Austria and Central/Eastern Europe by implementing a full STP CLS third party process. Our CLS partnerships set a standard for the integration of every other front-to-back service model."