Barclays Bank has become mpct Solutions Corporation’s first CLS Server customer. “It makes sound business sense for banks to standardise their approach to CLS with our CLS Server. We are simply delighted that Barclays Bank Plc, a major foreign exchange player and a beta member of CLS, have decided to underline their commitment to the new settlement system by providing a third party proposition to its clients,” says Michael Degrade, new business manager for mpct.
“Institutional banking is a core activity for the bank and we see CLS third party services as a natural extension of the cash management and payment services that we offer,” adds Darrell Fielding, director of global transaction and treasury solutions for Barclays Corporate Bank.
Mapco’s CLS Server will operate as a standalone “black box” that can be integrated into a bank’s existing FX environment. It allows banks to differentiate their third party service offerings in the market through use of a number of parameters that impact such areas as the timing of a customer’s short position pay-ins.