SEB has become the 18th CLS Settlement Member bank to select Fundtech’s PAYplus for CLS software. SEB will use the solution to manage its CLS operation and obligations to the CLS Bank, as well as to offer third-party services via the PAYplus for CLS solution. As a settlement member, SEB has a multi-currency account with CLS Bank and can submit settlement instructions directly to CLS Bank and receive information on the status of their instructions. SEB will use the PAYplus for CLS solution to interface to the new Continuous Linked Settlement (CLS) Bank for settlement of foreign exchange (FX) trades. CLS Bank is set-up to eliminate settlement risks that are associated with foreign exchange trades. PAYplus for CLS provides an integrated solution for CLS Settlement Members to process their own transactions as well as to offer FX settlement services to User Members and Third Parties.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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