Deutsche Bank today announced the launch of FX4Cash, a new FX payments product.
FX4Cash combines the bank's number one market share in global foreign exchange with its leading ranking in global cash management to provide global cross-currency payment solutions for corporates and financial institutions.
The FX4Cash solution offers seamless access via SWIFT, internet and host-to-host for clients to make cross-currency payments from 18 funding currencies to more than 75 local currencies (via wire, cheque and ACH). Comprehensive FX capabilities permit real-time streaming, fixed and benchmark rates.
The product is offered jointly by Deutsche Bank's Global Markets and Transaction Banking divisions.
Tim Merrell, Global Transaction Banking Head of FX4Cash states: "FX4Cash helps our corporate and financial institution clients to reduce costs by supporting the rationalization of their account relationships. This platform also helps clients to convert an existing manual process into an end to end STP solution for cross currency payments."
Rita Saverino, Global Markets Head of FX4Cash comments: "In an increasingly global and regulated economy, clients seek greater choice in managing their cross-currency payments. FX4Cash is Deutsche Bank's strategic platform for FX payments. In addition to cost advantages, there are revenue opportunities for our clients as well. FX4Cash enables our clients to deliver new FX payment services to their clients' across their local markets."