U.S. Bank has joined payment-versus-payment (PvP) service, CLSSettlement as a settlement member.
Chris Braun
The move makes the Minneapolis-headquartered bank the service’s seventy-sixth settlement member, and the third to join in 2025.
The addition of U.S. Bank aligns with a growing adoption of PvP settlement solutions by financial institutions, as the industry begins to increasingly prioritise FX settlement risk management and operational efficiency.
Lisa Danino-Lewis, chief growth officer at CLS, said: “ Having one of the US’s largest banks by assets under management join our network is a testament to the benefits CLSSettlement provides to FX markets participants. The service not only offers funding and liquidity efficiencies through multilateral netting but also mitigates settlement risk through PvP settlement.”
In H1 2025, CLSSettlement settled an average of $7.9 trillion daily, marking a year-on-year increase of 12%.
Additionally, the solution spans 18 currencies to provide services for settlement members, as well as its over 38,000 third-party participants.
U.S. Bank is also currently the fifth largest bank in the US.
“Our continually expanding FX business helps firms across the US manage currency risk with tailored mitigation strategies, deep market insight and reliable execution,” said Chris Braun, global head of FX, U.S. Bank.
“Joining CLSSettlement is another step forward in our progress in delivering comprehensive, best-in-class FX services to our clients.”
U.S. Bank’s addition follows news in June 2025 that OTP Bank, one of Hungary’s largest commercial banks, had joined CLSSettlement as a settlement member. Similarly, in the same month ABN AMRO re-joined the service, after having previously been part of the initial first group of settlement members that went live when the service launched in 2002, before moving to an indirect, third-party participation in 2009.