settlement risk and facilitating straight-through processing
London, 17 June 2003- Financial Objects, a leading supplier of advanced
technology banking software and services, today announced a strategic
partnership with City Networks, an established provider of software and
services to the treasury, securities and derivatives markets. The use of
City Networks' CLS(tm) Gateway product allows users of the IBIS/S2 back
office solution, who are Third Party participants in CLS, to become
IBIS/S2 clients will be able to communicate directly with their CLS member
bank to advise them of CLS eligible trades for routing to the CLS Bank. The
integration of City Networks CLS(tm) Gateway with IBIS/S2 allows real time
payment instructions relating to CLS settlement, as well as handling the
reconciliation of trades and settlements. This further increases the levels
of straight-through processing for IBIS/S2 customers.
CLS benefits existing IBIS/S2 users by eliminating foreign exchange
settlement risk, enhancing liquidity and substantially reducing the number
of manual payments. CLS also allows banks to increase their trading volumes
with both current and new trading partners.
David Carruthers, CEO, Financial Objects, states: "We are pleased to be able
to add value to our IBIS/S2 clients through this new CLS solution, working
with a partner that has extensive experience in the delivery of high quality
branded solutions to the international banking marketplace. The joint
solution enables our customers to quickly implement a CLS-compliant solution
which satisfies regulatory demands for control of settlement risk whilst
reducing costs and improving STP levels"
Costa Christodoulou, CEO, City Networks, states: "This partnership
represents a further link in the STP chain for IBIS/S2 customers and through
it they can achieve the benefits offered by CLS with a level of investment
that can be easily justified."