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To eliminate the risk of default on Foreign Exchange (FX) dealings caused by time zone differences and delays, global banks needed to transform FX settlement processes to enable simultaneous and real-time global settlements while accommodating growth and service expansion. Leading global banks set up CLS Bank to design a unique, innovative real-time process for same-day foreign exchange settlement. CLS partnered with IBM to design, develop and manage the IT applications and infrastructure needed to support the uniquely secure new process.
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