Today it was announced that Russia’s Alfa-Bank and the UAE’s First Abu Dhabi Bank (FAB) are joining CLSNet, the foreign exchange bilateral payment netting system for emerging currencies. The solution was initially built with IBM using the Hyperledger Fabric enterprise blockchain.
CLSNet is available for 120 currencies, whereas the core CLSSettlement solution is only available for the 18 most highly traded currencies and typically processes $5.5 trillion of payments daily. The new solution has been adopted by Actinver, Bank of America, Bank of China (Hong Kong), BNP Paribas, Citibank, Goldman Sachs, Intesa Sanpaolo, J.P. Morgan and Morgan Stanley.
“Our participation in the service will be integral to our ability to improve operational efficiency and reduce risk for the currencies that we trade, particularly the Russian ruble, which is not currently eligible for settlement in CLS,” said Andrew Chulack, Deputy Chairman of Alfa-Bank.
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