Continuous Linked Settlement (CLS), an organisation set up to mitigate the risk of making foreign exchange transactions, has completed its first set of live trials with its member banks.

The end-to-end trials meant that CLS had to process real-value instructions for payment. The banks tested transactions in seven currencies eligible for settlement through CLS. Eleven pilot shareholder banks worked with CLS during the trials. These eleven have successfully handled payments and settlements to the new CLS timeline using the seven central bank national payments systems linked together in real time. An additional 28 shareholders participated in separate payment trials and met all requirements.