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money-as-in-foreign-exchange

More banks join DLT-based FX payment netting

BNP Paribas, Citibank, J.P. Morgan and Mexico’s Actinver have gone live on CLSNet – a service, based on distributed ledger technology (DLT). Existing participants include Goldman Sachs and Morgan Stanley.

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Provider CLS refers to its service CLSNet as “a standardized, automated bilateral payment netting calculation service for over 120 currencies”, promising “improvements to intraday liquidity, operational efficiency and risk mitigation”.

In total, CLS currently counts nine participants on its platform: those six mentioned above, plus Bank of America, Bank of China (Hong Kong) and Intesa Sanpaolo. The company says that more are to join in the coming year.

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