FirstRand Bank has awarded ABN AMRO with a mandate for third and fourth party CLS services in South Africa. The mandate covers FirstRand’s operations in South Africa as well as its African subsidiaries and will see FirstRand become one of the first banks in Africa to go live for third-party CLS services. The two banks have also signed a partnership covering the provision of private-labelled fourth-party CLS services for banks across Africa. Commenting on the news, Sam Zavatti, SEVP, Financial Institutions and Public Sector at ABN AMRO said: ‘With the addition of the Rand to the growing list of CLS currencies, there is now an even greater imperative for South African organisations to adopt this risk-free settlement system.’
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