CLS announced today RCBC has gained access to CLSSettlement as a third-party participant.

RCBC will access the service through UBS, one of CLS’s 76 settlement members.

The addition of RCBC, the fifth largest privately owned bank in the Philippines and a major regional bank in Southeast Asia, further strengthens the growing community of Asia Pacific banks indirectly participating in CLSSettlement.

As a third party participant, RCBC will benefit from industry-standard FX settlement risk mitigation, reduced funding requirements and improved operational efficiency through CLS’s unique payment-versus-payment (PvP) system. PvP is the globally recognized method for mitigating settlement risk, as outlined in Principle 35 of the FX Global Code.

CLSSettlement is recognized as the global standard in FX settlement risk mitigation across 18 of the most traded currencies, with an average daily settled value of USD7.9 trillion in H1 2025, an increase of 12% year-on-year.

Lisa Danio-Lewis, Chief Growth Officer, CLS commented:

“We are pleased to welcome Rizal to CLSSettlement via UBS. Settlement risk continues to be a priority for FX market participants and policymakers alike. Enabling regional banks to access CLSSettlement through CLS settlement members plays an important role in managing this risk. We remain committed to broadening participation in across Asia Pacific, as more institutions look to strengthen settlement risk mitigation for Asian currencies.”

Bennett Clarence D. Santiago, CRO, RCBC, said:

“CLSSettlement enables substantial risk mitigation for RCBC, specifically by neutralizing settlement risk in foreign exchange dealings and significantly enhancing operational efficiency of the bank.”