CLS Utility Implements CS Lucas Security Infrastructure
CS Lucas has announced the deployment of a security infrastructure for the Singapore-based CAPS Continuous Linked Settlement (CLS) utility. CAPS (Clearing & Payment Services Pte Ltd) is a shared services utility created by Development Bank of Singapore (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) to process CLS related messages on their behalf. Launched in 2002, CLS is designed to eliminate settlement risk in foreign exchange transactions by ensuring that both sides of the transaction are settled simultaneously. CS Lucas built the security infrastructure using components such as the RSA Authenticator device to create a ‘two-factor verification’ process that is to become mandatory in Singapore for large dollar corporate transactions. ‘Securing our data from both internal and external threats is one of the fundamental pillars of the CAPS service offering,’ said Denis Malone, Head of Operations & Technology at CAPS.