Korean banks share cost of CLS

Banks club together to buy computer system ahead of won''s entry into CLS.

Korea's financial clearing house has struck a deal to allow all 19 of Korea's domestic banks to tap into the continuous linked settlement CLS system through a shared industry platform when the Korean won joins CLS in November 2004.

Fundtech, a US financial software company that has developed CLS systems for 19 of the 70 settlement members, won the tender process and will set up a system based around its PAYplus for CLS platform. It...

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