Why choose HSBC?

A number of financial institutions have positioned themselves to offer third-party CLS services to other institutions that do not wish to invest in direct membership or that do not meet eligibility criteria. As a potential buyer of such services, you will want to ensure that you maximise your involvement in CLS by appointing as your Settlement Member a bank that is able to offer you a truly global, multi-currency settlement service and one that has already demonstrated a current and ongoing commitment to CLS. HSBC is such a bank, ideally placed to help you understand the CLS features and benefits, explain the likely impacts on back office systems and operations, and work with you to deliver a service that fully meets your requirements.

HSBC is your ideal partner for CLS because:

• No other bank is closer to the CLS development
  HSBC has extensive and detailed knowledge of CLS. HSBC has been involved in the original group of 20 banks (G20), that formulated the CLS concept. Since these beginnings, HSBC has continued to work closely with CLS helping them to develop their functionality and influencing the design and build process. HSBC’s involvement in functionality testing, means that no other bank is closer to the CLS development. HSBC is an acknowledged market leader in the field of CLS.
• HSBC was one of three banks that was actively involved in the testing of CLS Member software
  HSBC was one of only three banks worldwide that assisted CLS and IBM to test and trial the IBM-developed CLS Member application software and SWIFTNet, SWIFT’s next generation communications platform, which supports real-time information flows between CLS Bank and its members. Through extensive testing and trialing, HSBC has helped prove the CLS system’s functionality and, as a result, offers customers the benefit of our experience and the intellectual capital we have invested.
• Global multi-currency partner
  As a truly global institution, HSBC is uniquely positioned to be able to offer you a full multi-currency settlement service. HSBC has direct access to all seven initially eligible CLS currency RTGS systems. HSBC entities world-wide have proven access to the liquidity necessary to support HSBC’s CLS activity and that of its customers.
• Minimal disruption/expense
  HSBC’s CLS service proposition does not involve the implementation of new proprietary software in your back office. HSBC believes that CLS services can be provided using existing market infrastructures – principally SWIFT Fin services – allied to the latest browser-based Web functionality. As a result, changes to your back office systems and procedures will be minimal and the implementation of CLS can be simply and economically achieved. HSBC will be happy to be involved in a dialogue with your back office systems provider to ensure that they understand the implications of CLS.
• Cost reduction
  As a major FX bank, HSBC receives volume discounted pricing from CLS and as a result will be able to offer you a competitive tariff by passing on the benefits of its own volume discounts.