China Citic Bank is to extend the use of Deutsche Bank's FX4Cash system beyond its retail base to provide global cross-currency payments processing for its corporate clients.
In 2008, China Citic was the first financial institution in the country to sign up for Deutsche's FX4Cash to serve its retail clients in Asia.
The Chinese bank says it will now use the system to offer corporate treasurers seamless access via Swift, Internet and host-to-host channels for cross currency payments from one of 20 funding currencies to up to 125 local currencies - via wire, cheque and ACH - across more than 160 countries.
The two banks signed a Memorandum of Understanding commemorating the deal at the international Sibos conference in Toronto, Monday.