WestLB and Citibank sign CLS agreement

TECHNOLOGY NEWS

NEW YORK -- Citibank e-Business, a unit of US bank Citigroup, said last week that Westdeutsche Landesbank Girozentrale (WestLB) has subscribed to its CLS settlement services for foreign exchange settlement.

WestLB will offer the CLS service to German savings banks and Landesbanks. This is the first time financial institutions have been provided with a dedicated mechanism to use Citigroup’s systems to settle their FX transactions on a payment vs payment basis, and enables WestLB to provide th