Banco Bilbao Vizcaya Argentaria (BBVA), the only Spanish CLS settlement member, is installing Fundtech's PAYplus for CLS product to manage its continuous linked settlement activities.
PAYplus for CLS enables CLS settlement members to process their own transactions as well as to offer FX settlement services to user members and third parties.
Commenting on the deal, Michael Sgroe, Fundtech's chief operating officer, says the bank's network of subsidiaries and branches will benefit from the ease of use and tight integration that Fundtech's PAYplus for CLS offers.