CLS, a Forex settlement services provider, and IBM have launched CLSNet, a blockchain based payment netting service. Goldman Sachs and Morgan Stanley are the first known banks to have implemented the CLSNet.

The company has stated that the new platform aims to solve the standardization and automation issues faced in the Forex market. CLS has claimed that it will standardize the process. Also, it will increase the level of payment netting in the foreign exchange market. In addition, the platform supports compliance with a code of conduct for the Forex markets.

Alan Marquard, chief strategy and development officer at CLS, has said that an automated payment netting service will result in better intraday liquidity. Moreover, it will reduce costs, enhance efficiency and give a boost to business growth.