Korean Clearing System Picks Fundtech's Payplus for CLS Solution
The Korea Financial Telecommunications and Clearings Institute (KFTC) has selected Fundtech’s PAYplus for CLS solution as the core application for the Korean CLS utility system. Korean banks will use the utility for foreign exchange (FX) transactions when the Korean won, its national currency, goes live with CLS in November. The KFTC, whose members include Korean banks and the Central Bank of Korea, is responsible for payments clearing and funds transfer in Korea. Banks will link directly to the utility service hosted by KFTC to process FX transactions through PAYplus for CLS. Mr MinJae Kim, CLS project manager from KFTC, says: ‘It’s essential that the Korean won participates with CLS, to help us strengthen our position in domestic and international markets. By Fundtech providing us with access to CLS, Korea can reach a new level in terms of international financial recognition.’ PAYplus for CLS is a web-enabled platform that integrates internal and third party services.