Banca Popolare di Sondrio SCaRL (BPS) is now fully operating as a CLS third party client of UBS.
After thorough preparation and status quo analysis, testing in a fully simulated environment and controlled pilot "live" processing, Banca Popolare di Sondrio SCaRL is live as a CLS third-party as of December 7th, 2005.
Main objective of the implementation process was to come up with a highly integrated state of the art solution already incorporating the latest CLS initiatives like the elimination of MT300 SWIFT confirmations. As a consequence, a direct link between the two banks had to be established as a basis for a true end-to-end straight through process. UBS and Banca Popolare di Sondrio SCaRL joined their forces to engineer a fully integrated solution leveraging the operational benefits and cost savings potential of the hole CLS settlement process.
Bruno Widmer, Global Head of Bank Marketing at UBS Investment Bank, adds, "Banca Popolare di Sondrio SCaRL underlines its position as a primary bank in Italy by implementing a full STP CLS Third Party process. Our CLS partnership sets a standard for the integration of every other front-to-back service model."