Convergence is the largest change initiative that CLS has undertaken since the launch of CLSSettlement in 2002. The achievement of Convergence represents the advancing of our technology platform by executing against our roadmap since 2012.

With the implementation of Convergence, CLS has migrated CLSSettlement onto its Unified Services Platform (USP), thereby optimizing the underlying technology platform supporting its settlement services. As part of the program, advanced, proven technologies have been implemented to create a more optimized estate, allow greater control of change delivery for its settlement solutions, and provide a single platform to support CLSSettlement, CLSClearedFX and CLSNow.

With one of the most sophisticated technology stacks in the FMI space, USP uses the highest level of industry standards. It will allow for greater flexibility to develop and enhance new and existing services more efficiently. The new platform gives CLS complete ownership of application development and change delivery, with in-house specialists managing ongoing platform support as well as design and development of its settlement services. Further benefits include enhanced monitoring and alerting as well as increased levels of automation for the benefit of the CLS ecosystem.

Tom Barkhuff, Chief Information Officer, CLS, commented: “At CLS we are constantly assessing and evaluating new methods to improve our services for the benefit of our members. Our Convergence program is testament to our commitment to this strategy.

“The priority for us is that new technological solutions meaningfully drive efficiency while also meeting extraordinarily high standards of resilience. Through a multi-year technology investment program, we have kept this focus and delivered upon our objective of implementing a best-in-class technology stack for the industry, addressing the needs of our members while maintaining the high standards expected of a systemically important FMI.”