Are we concerned about CLS?

[Hodlezerper]

https://www.coindesk.com/barclays-joins-cls-blockchain-consortium-search-swift-alternative/?utm_content=buffer2221b&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

Is anyone concerned about this?

[Hodor]

CLS has been around since long before blockchain. 

Quote

Founded in 2002, Continuous Linked Settlement helps its members ensure that all the parties in a multi-party currency exchange actually get what they want from the deal.

I don't think it's a direct competitor from what I'm reading - their current system handles a specific type of transaction, but it is listed as an RTGS (Real-time gross settlement system). 

The encouraging part of what I'm finding?  Their volume.  Remember this has been around for some time as a secondary alternative to SWIFT for their specific multi-party currency transaction use case:

Quote

CLS is well positioned to bring a currency exchange product using blockchain to market. Last month, it received an average of 883,000 requests for transactions per day, for an average daily input value of $4.68tn.

Right? 

From what I've seen they're still in development, but their schedule indicated that their "beta" version would be nearing product roll-out soon:

Quote

The project, currently underway, is expected to take 12 to 18 months to build.

The above quote was from approximately a year ago.  (https://www.coindesk.com/cls-to-develop-blockchain-payment-service-on-ibm-fabric/)

To see just how much overlap there is between their use case and Ripple's we'd need to learn more about their platform and exactly what it's offering banks.  I'm guessing that we'd have to get that from some banking insider that would be able to stop by their booth at SIBOS and ask for sales material. 

[praeda]

difficult to see how this works as CLS is a netting system with > 95% netting efficiency