IntesaBCI selects mpct’s CLS Server

Italy's largest banking group, IntesaBci, has selected mpct Solution’s CLS (Continuous Linked Settlement) Server to power its CLS services, which will run on the Sun Solaris Unix platform at the bank's Milan headquarters.

The CLS server will provide IntesaBCI with a real-time platform on which to provide ‘own trade’ and ‘third party’ CLS global processing solutions. These services should include a complete straight-through processing capability.

“We selected the mpct server because it has an advanced, robust solution that can be installed within the timescale we require, and has the capability to support our business goals – both now and in the future," said Giuseppe Attana, senior manager and head of treasury at IntesaBCI, who added that the bank intends to become the leading Italian provider of third-party CLS services.

CLS is an interbank financial industry initiative intended to mitigate settlement risk in the foreign exchange market. But the system has been plagued by operational difficulties that have created repeated delays to its introduction (see RiskNews September 28). Latest estimates predict that the system will go live in the middle of next year.