Brazil's Caixa Econômica Federal has consolidated its US dollar settlement needs with Deutsche Bank via cross-border payments network Eurogiro.
Caixa, headquartered in Brazil and 100% owned by the Brazilian government, joined Eurogiro in 2010 for the disbursement of Japan Post Bank US dollar remittance transactions.
The Eurogiro settlement service allows its members to utilise their account with a central settlement service provider - Deutsche Bank - for all of their US dollar settlement needs instead of holding mutual accounts with each member with whom they transact.
Caixa Econômica Federal participates in the Multi-Lateral Framework setup and connects to Eurogiro via the Swift Eurogiro Closed User Group on SwiftNet (SECUG).
Deutsche Bank's global transaction banking unit took an eight per cent equity stake in Eurogiro back in January 2010.