Deutsche Bank has gone live on CLSNet, the bilateral payment netting calculation service for over 120 currencies.

The system, developed by CLS, is designed to standardise and centralise post-trade processes, with CLSNet assisting in helping market participants to “reduce risk and achieve greater operational efficiency” for a broad range of currency flows.

CLS said its service has seen increased adoption in the past year, with a year-on-year increase of over 400 per cent in the average daily volume of net calculations in the first quarter of 2023.

This reflects the industry's growing need for risk reduction, operational efficiency and liquidity optimisation, it added.

“We are delighted to announce that Deutsche Bank has gone live on CLSNet,” said Lisa Danino-Lewis, chief growth officer at CLS. “With our network expanding globally, participants are experiencing significant improvements in liquidity optimisation, operational efficiencies and risk mitigation.”

Deutsche Bank was recently fined $186 million by the US Federal Reserve for anti-money laundering failures.

The enforcement action included a written agreement to address "general deficiencies" relating to the bank's governance, risk management, and controls, and was held against the bank, its New York branch, and other US-based affiliates.

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