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 bid for the mandate against LogicaCMG of the UK after the Korea Financial Telecommunications and Clearings Institute KFTC, which provides payments systems for the local banking industry, invited providers to come up with...

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