back Back

Finastra partners with CLS to offer payment netting service to customers

By Megha Bhattacharya

November 30, 2020

  • Finastra
  • UK

Finastra today announced a partnership with CLS in a bid to offer its customers with access to CLS’ bilateral payment netting calculation service, CLSNet. The new collaboration is expected to accelerate Finastra’s Marketplace strategy and enable its customers to access CLSNet without additional development.

Customers will be able to view trades which are expected to settle, confirm trade details with each relevant counterparty as well as make net settlement payment calculations on a per currency basis, thereby removing manual reconciliation netting processes.

Keith Tippell, Global Head of Product, CLS, said, “In response to market demand, we are evolving CLSNet to support the partnerships and connectivity options necessary to ensure broad-based adoption and, additionally, exploring new functionality related to emerging market currencies. The partnership with Finastra is an important step in this evolution and a good example of two major FX ecosystem service providers collaborating for the benefit of their customers and the FX market as a whole.”

CLSNet allows FX participants to net payment amounts directly with counterparties before settling through the correspondent banking system. The service optimises intraday liquidity while aiming to deliver operational efficiency and increased risk mitigation for non-CLS-settled currencies.

Neil Macro, Global Head of Sales – Financial Messaging and Services, Finastra added, “We are delighted to partner with CLS on this initiative. Finastra’s Fusion Confirmation Matching Service brings together the world’s largest buy-side and sell-side FX players. Providing a seamless integration with CLSNet is part of our commitment to deliver complementary marketplace services to our customers.”

Recently, Finastra announced the availability of its next-generation data offering – Fusion Data Cloud. The new offering is expected to help financial institutions enhance customer engagement, increase revenue and digitise processes for efficiency and manage risk. Fusion Data Cloud aims to offer a data ecosystem, actionable insights and connected experiences.

Previous Article

November 30, 2020

UK FinTech Primer secures £14 mn in Series A round led by Accel

Read More
Next Article

November 30, 2020

Discovery Bank announces doubling down its digital banking services

Read More

IBSi Daily News Analysis

bahrain, islamic finance

April 17, 2024


Sovereign upgrades elevate Sukuk ratings; GCC debt markets on track to break $1tn barrier

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 15, 2024

SBI SECURITIES partners with Broadridge for post-trade solution

Read More

April 08, 2024

SUNRATE brings Apple Pay to its Commercial Credit Card users

Read More

April 01, 2024

Paysend and Currencycloud sign major global expansion deal

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023