With 15 settlement banks in production, well over half of all CLS trade settlements use a Fundtech solution.
Launched on September 9, 2002, the CLS system is the first global multi-currency payment settlement system of its kind. CLS enables each side of a foreign exchange trade to be settled simultaneously and irrevocably.
According to Moti Porath, Executive Vice President, Fundtech Corporation:
"This milestone represents an important event for the financial industry. The volume that CLS Bank has reached signifies that global financial institutions recognize the benefits of a proven system that eliminates the risk associated with cross-currency foreign exchange transactions and improves straight through processing rates. As a market leader already providing CLS solutions to eighteen of the world's leading settlement banks, we are pleased to be a part of the CLS community and provide financial institutions with the opportunity
to take advantage of the benefits of CLS."
Leading the Market in Supplying CLS Services
Fundtech (NASDAQ: FNDT) continues to lead the market in providing CLS solutions to settlement member banks. Global banks already leveraging Fundtech's CLS solutions include Citibank, Bank of America, Credit Lyonias, Nordia and Deutsche Bank. To meet growing demands, Fundtech currently offers two products to reduce global foreign exchange settlement risk for financial
institutions. They include:
- PAYplus for CLS(TM) that inter-operates with settlement members, user members, and third party participants to provide them with a full set of integrated CLS services.
- PAYplus for CLS Third Party Edition(TM) gives financial institutions participating in CLS settlement the ability to manage their own CLS activities, which may involve their branches, subsidiaries or corporate customers, while
connecting with their Settlement Member. This solution is designed to be a low-cost implementation with minimum IT impact, while offering real-time risk and liquidity management.
Reinforcing its leadership and expertise in the CLS arena, Fundtech is co-sponsoring a one-day conference presented by CLS Bank International in New York City on March 12, which is dedicated to educating financial institutions on the issues facing prospective CLS(TM) third parties. If you are interested in speaking with Moti Porath to discuss the future of CLS, or Fundtech's CLS initiatives, please contact:
Justine Schneider/Ruder Finn - (212) 583-2750
Steve Hickok/Ruder Finn - (212) 593-6342
George Ravich/Fundtech - (201) 946-2277 x 324