BoNY Takes Fundtech’s PayPlus CLS

INTERNET TRADING/TECHNOLOGY

NEW YORK--The Bank of New York has taken Fundtech’s PayPlus CLS solution for foreign exchange settlement, the firm announced last week.

The bank will integrate PayPlus--which was launched last September--with the Continuous Linked Settlement (CLS) service, which is to be launched in 2001.

PayPlus allows CLS settlement members--62 of the top global foreign exchange trading banks, including the Bank of New York--to process their own transactions as well as to offer settlement to third parties.

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