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The bank's banking services company, CLS, entered service with its blockchain-based payment clearing service together with IBM after two years of continuous development.
Two of the largest banking companies in the world, Morgan Stanley and Goldman Sachs are the first companies to use the newly launched CLSNet with six other participants from North America, Asia and Europe, including the Bank of China (Hong Kong), committed to join the next few months.
The CEO for technology at CLS, Ram Komarraju spoke to CoinDesk about the matter and said that the system is up and running and said:
"We have matched and confirmed the first transactions and successfully released a compensation relationship to the counterparts".
In addition to the food control blockchain, the IBM Food Trust was launched in October and the trade finance platform we.trade, which was published in June this year. CLSNet is the third blockchain consortium powered by IBM technology to go into production this year.
With this in mind, there are not many technology projects for distributing corporate accounting books that deserve to get here, so it's an important milestone.
The CEO of IBM BLockchain, Marie Wieck, said in a recent press release:
"With CLSNet now in production with two of the world's largest banks, for an important market function, it is a testament to the maturity of blockchain technology and the value it can offer in practice."
For the launch of CLSNet, Wieck said:
"The first post-trade deployment of blockchain technology in a global market utility."
Although not yet a household name, CLS provides critical plumbing to foreign currency or forex markets. After being established more than a decade ago, in 2002, it militates the settlement risk for participating banks with a payment against payment service, in which both parties are free to negotiate at the same time.
The goal of the new platform is to solve the current problems in the forex market, such as the lack of standardization and automation. A good example is the limited number of participants who regularly exchange exchanges with each other on a regular basis. According to IBM and CLS, even when they do, they often need to manage the process manually.
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