Headlines:
CLS Bank Adds 4 Currencies
CLS Bank International said Monday that it will begin processing commercial foreign-exchange transactions in four more currencies this week, for a total of 15. The New York unit of the London-based CLS UK Intermediate Holdings Ltd. is the only company providing continuous linked settlement of currency trades.
It said regulators had authorized it to begin processing payments involving the New Zealand and Hong Kong dollars, the Korean won, and the South African rand. CLS Bank, which opened in September 2001, uses a system that settles bank-to-bank foreign-exchange trades in a few hours rather than two days or more, to reduce risk.
Mellon Acquires SourceNet
Mellon Financial Corp. has completed its purchase of SourceNet Solutions Inc., a privately held provider of accounts-payable outsourcing services.
The price was not revealed.
The Pittsburgh banking company said Thursday that SourceNet and its 225 employees will remain in College Station, Tex., and that Vince Burkett, SourceNet's co-founder, president, and chief executive, will continue to run the operation.
Mellon said the acquisition advances its goal of creating a market for the management of monthly invoices, including matching bills against purchase orders to spot mistakes and paying bills early so they can qualify for discounts.
