OTP Bank, one of Hungary’s largest commercial banks, has joined CLSSettlement as a settlement member.
Lisa Danino-Lewis
The move marks the second new settlement member to join CLSSettlement this year, boosting the firm’s total number of settlement members to 75.
OTP Bank’s addition to CLSSettlement follows a growing industry trend which has seen an increasing number of financial institutions moving towards payment-versus-payment (PvP) settlement solutions, in a bid to tackle FX settlement risk, and enhance operational efficiency and liquidity.
Attila Bánfi, managing director of OTP Global Markets said: “Mitigating FX settlement risk is a key priority for OTP Bank. Joining CLSSettlement as a settlement member reflects our dedication to creating a more robust FX ecosystem, and our commitment to adopting best practices across our risk management and middle office functions.”
Read more – CLS redesigns CLSClearedFX service to enhance settlement offering
CLSSettlement settles more than seven trillion payment instructions daily across 18 currencies, with an average daily settled value up 12% year-on-year, totalling $7.9 trillion in H1 2025.
“OTP Bank’s decision to become a settlement member reflects the broader trend of financial institutions focusing on mitigating FX settlement risk and increasing efficiencies delivered through multilateral netting,” said Lisa Danino-Lewis, chief growth officer at CLS.
“Multilateral netting yields significant liquidity benefits for CLS settlement members, resulting in liquidity savings of approximately 96%, enabling cash flow to be available for other business operations like trading and business growth.”
OTP Bank follows the recent re-addition of ABN AMRO as a CLSSettlement settlement member in June 2025. The bank was part of the initial first group of settlement members that went live when the service launched in 2002, and moved to an indirect, third-party participation in 2009.