BNY has gone live on CLSNet – a service, based on distributed ledger technology (DLT). Existing participants include Standard Chartered and Goldman Sachs.
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 13 global banks on its CLSNet platform. The banks use the automated service for flows where settlement risk cannot be eliminated, including emerging market and developing economy (EMDE) currencies and same-day trades.
