Wall Street Systems and RZB have worked closely to provide an enhancement to Wall Street Systemsâ CLS 3rd Party Module functionality to enable the filtering of CLS transactions to the central back office of the RSC which in turn automatically confirms all CLS-related transactions to the bankâs third party provider, UBS. RZB has been live as a CLS third party user with UBS since January 2005. Using The Wall Street SystemÂ® treasury engine for CLS 3rd parties, RZB can now manage the CLS operational flow for three of its entities â Vienna, London and Singapore â without the need to increase operational overheads; reducing costs while increasing the business opportunities for the RSC. Due to the flexibility and scalability of the solution, RZB plans to deploy the CLS 3rd Party Module to its branches and network banks.
Mike Thrower, director of marketing and business development at Wall Street Systems, comments, "The main objective of the CLS project was to design a highly integrated state-of-the-art solution incorporating the latest CLS initiatives, which includes replacing the requirement for SWIFT-based confirmations. As a consequence, a direct link between the two banks has been established as a basis for a true end-to-end straight through process. UBS and RZB, in cooperation, with Wall Street Systems, successfully engineered a fully integrated solution leveraging the operational benefits and cost savings potential of the CLS settlement process."
The CLS solution from Wall Street Systems is designed to further improve a treasuryâs overall effectiveness, with benefits such as reduced FX credit exposure with their counterpart banks and real time settlement for all CLS eligible currencies. The advantages of CLS for corporates include increased settlement and STP efficiency and better risk management.
UBS and RZB are to co-present the enhanced CLS 3rd Party Module solution âEfficient Back Office Processing in the Interbank Area - A Global Success Storyâ at Finance Forum in Zurich on the 1st of November.