For the first time ever, CLS has settled more than 1 million payment instructions in one day. The landmark came on Tuesday, following the US Veterans’ Day public holiday, which meant two days’ worth of business had to be settled. CLS says it made 1,140,644 payments, beating the previous record of 905,478. So far through November, CLS is settling an average of 492,000 instructions a day. It adds that user participation is also growing and that it now has more than 2,000 third-party clients.
“To have settled over 1 million payment instructions in one day is testament to the progress CLS Bank has made since its creation five years ago and an indication of how fast the FX landscape has developed. As this year continues to be characterised by surges in volume, brought on by market volatility and interest rate adjustments, CLS Bank continues to evolve in order to service the demands of its clients in a changing market environment,” says Rob Close, CLS’ chief executive, in a press release.