Singapore banks link up for CLS settlement


SINGAPORE -- Three Singaporean banks will go live this December with a joint back-office processing link to the continuous linked settlement (CLS) service for currency markets. DBS Bank, OCBC Bank and United Overseas Bank developed the project, called Caps (Clearing and Payment Services), to share the costs of developing connection to CLS, which launched on September 9.

"The pressures of competition and scale force the Singaporean banks to come up with innovative ways of reducing costs," said