U.S. forex exchange (FX) settlement giant CLS’ blockchain payment netting service went live today, November 28. Goldman Sachs and Morgan Stanley are two companies amongst the initial users of the service, according to CLS’ press release.

The company’s CLSNet, described as the “first global FX market enterprise application running on blockchain in production,” has “committed” participation from six international entities including the Hong Kong branch of the state-run Bank of China. The settlement giant settles an average of $5 trillion in payment instructions daily, with members including JPMorgan, Barclays and Citigroup.

Other clients ready to use the blockchain payment netting service, which aids cashflow stability by grouping multiple payments together ahead of time, is yet to be revealed.

CLS announced the impending launch at a conference earlier this month, according to Cointelegraph, while the final testing began in July and continues to run. “A standardized and automated payment netting process will lead to improved intraday liquidity, reduced cost, improved operational efficiencies and ultimately support business growth,”chief strategy and development officer Alan Marquard said regarding the release.

Meanwhile, blockchain in payments is also viewing expansion, with goals to increase the speed, efficiency and cost-effectiveness of cross-border payments using cryptographic tokens such as Ripple (XRP).

“Since we first pioneered the use of blockchain in the FX market nearly three years ago, IBM has been working hard with CLS on the development and deployment of CLSNet as the first post-trade production deployment of blockchain technology in a global market utility,”Marie Wieck, general manager of IBM Blockchain, which assisted in the build of CSLNet, added.With CLSNet now in production with two of the world’s largest banks, for a major market function, it is a testament to the ongoing maturity of blockchain technology and the value that it can deliver in practice.

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