Wall Street Systems Upgrades CLS Solution for RZB Singapore
Wall Street Systems announced the launch of its enhanced CLS Third Party Module with Raiffeisen Zentralbank (RZB) in Singapore. The solution enables the Raiffeisen Service Center (RSC), RZB’s back office outsourcing entity located in Vienna, to provide a complete CLS solution for its Singapore branch, reducing operational and credit risk for the bank. Wall Street Systems and RZB worked closely to provide an enhancement to the functionality to enable the filtering of CLS transactions to the central back office of the RSC which in turn automatically confirms all CLS-related transactions to the bank’s third party provider, UBS. RZB has been live as a CLS third party user with UBS since January 2005.