Source: Diamis
EBA CLEARING has chosen Diamis' Cristal solution for its new administration system for EURO1 settlement procedures, called BAS2 (Business Administration System 2).
Diamis will deliver an integrated BAS2 platform that will be more powerful than the current BAS and ready to evolve towards TARGET2. BAS2 will be based on the Cristal solution, a liquidity management and payments processing platform already used by large European banks. Cristal will integrate new functions for Flexible Settlement Capability and guarantee the use of BAS2 in the context of TARGET2. The opening of BAS2 is planned for the second half of 2005.
The BAS2 system will enable the pre-settlement of STEP2 balances in EURO1 for pre-fund participants and the end-of-day final settlement of EURO1 balances in TARGET. BAS2 will also enable intra-day cash transfers between EURO1 and TARGET, and soon TARGET2.