Fundtechs PAYplus Selected by Korean CLS Utility Service

Korea Financial Telecommunications and Clearings Institute (KFTC) has selected its 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 2004. KFTC, a financial industry organization 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. PAYplus for CLS is a web-enabled platform that integrates internal and third party services. It is the only solution to integrate trade and payments processing combined with real-time risk and liquidity management. Fundtech worked closely with its regional distribution partner Comas throughout the competitive bidding process. Providing access to CLS through a utility enables banks to share the costs of CLS connectivity and operations. Korea Exchange Bank (KEB) and Kookmin Bank have signed as CLS settlement members and will provide third party CLS services for the remaining 17 Korean banks.