Axis Bank, India's third largest private bank, today announced the signing of a Memorandum of Understanding to offer FX4Cash, Deutsche Bank's global cross-currency payments solution, as part of Axis Bank's suite of payment services to its corporate and retail clients.
Headquartered in Mumbai, Axis Bank is a retail and commercial bank with over 1700 branches and one of the largest ATM networks in India.
By using Deutsche Bank's FX4Cash, Axis Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows. FX4Cash will enable the bank to gain efficiencies with a streamlined automated process for FX dealing and payments.
FX4Cash reduces the costs and reconciliation efforts of maintaining different currency accounts. The solution also helps generate new income streams from customisable FX margins, and eliminate both idle balances and exposure to currency revaluations.
FX4Cash provides fast and reliable execution of payments made through leading client access channels including SWIFT, the internet, host-to-host and Eurogiro, in up to 125 local currencies via wire transfer, cheque and ACH − across more than 160 countries.
The sophisticated payment solution combines Deutsche Bank's number one market share in global foreign exchange* with its leading ranking in cash management to provide global cross-currency payments to financial institutions and corporates.
K. Anil Kumar, Senior Vice President, Head of Global Financial Institutions at Axis Bank said: "By leveraging Deutsche Bank's FX4Cash, we will greatly simplify the multi-currency payment process for our corporate clients, and further enhance our cross-border remittance services to our retail clients. This is an easy to use all-in-one solution that will increase our reach and revenues."
John Ball, Global Head of Sales, Cash Management Financial Institutions, Global Transaction Banking at Deutsche Bank, added: "The ability to optimise global cross-border, cross-currency payments and receipts has become a priority for financial institutions. FX4Cash is a highly efficient solution to help address these needs, and provides financial institutions with a competitive edge. We are delighted that Axis Bank is now amongst the leading banks that use FX4Cash."
* Euromoney, Global FX survey, 2012
Watch Axis Bank sign up to offer FX4Cash now: