Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has reached a testing agreement with CLS for marching and netting service CLSNet.
Through CLSNet, FAB, the first bank in the region to enter this agreement, will automate and standardise the netting calculation and reconciliation process with counterparties, according to a press release on Monday.
Hence, CLSNet service will enable the bank to raise efficiencies and decrease potential operational discrepancies.
Netting offsets receivables against payments, cuts net payments, and saves transaction costs, allowing the bank to reduce its exposure with counterparties.
The SVP & Head of FXMM & Control Operations of FAB, Anan Samaneh, said: "Being the first mover in the Middle East showcases FAB’s commitment to embrace innovation, particularly as a specialist in emerging markets."
Meanwhile, the Head of Product of CLS, Keith Tippell, commented: "The addition of FAB demonstrates the appeal of CLSNet to FX market participants trading in emerging market currencies."
