Midas Kapiti International MKI has announced it is developing software that will add support for Continuous Linked Settlement CLS foreign exchange deals to its three banking back-office packages - Equation, Midas and OPICS.
CLS is a new foreign exchange settlement service designed to reduce risk by establishing a Payment-versus-Payment process on a real-time basis. An industry organisation, owned by 63 shareholder banks and registered as the CLS Bank, has been set up to provide the infrastructure necessary for the new system.
The service is set to go live around October this year and all member banks expect to be integrated by third quarter 2001. The first wave of...
