Bank of East Asia Appoints Citibank for CLS Services
Citibank has been appointed as the sole service provider of continuous linked settlement (CLS) Third Party Settlement Services of The Bank of East Asia (BEA). The agreement will enable BEA to settle its foreign exchange transactions through CLS Bank. Citibank CLS Settlement Services allows financial institutions that are not CLS Settlement Members to access the CLS settlement process. CLS is a real-time global settlement process that reduces settlement risk caused by foreign exchange (FX) transactions occurring across different time zones. Both sides of an FX transaction are settled simultaneously through CLS Bank on a payment versus payment basis.