Deutsche Bank today announced that it has launched Smart Convert as part of its FX4Cash platform to handle its financial institution clients' crosscurrency commercial MT103 payment transactions from US dollar, Euro and other major currencies into the local currency of the beneficiary.
With FX4Cash's Smart Convert, financial institutions can control the rates provided to the ultimate beneficiary, manage and direct how the service is rolled out and earn revenues from the spread of these FX conversions.
FX4Cash combines the Bank's number one market share in global foreign exchange (Euromoney Global FX survey 2009) with its leading ranking in cash management to provide global cross-currency payment solutions for financial institutions and corporates. Using FX4Cash, clients obtain seamless access via SWIFT, internet and host-to-host for clients to make cross currency payments from one of 20 funding currencies to up to 125 local currencies - via wire, check and ACH - across more than 160 countries.
FX4Cash's Smart Convert offers clients the opportunity to earn new revenue streams from their international payments. Clients send applicable US dollar, Euro or British pound commercial payments to Deutsche Bank's designated Smart Convert SWIFT address. Using Smart Convert's artificial intelligence, clients have the option to convert US dollar, euro and British pound international payments into 32 available local currencies. The FX4Cash platform will use the client's pre-defined controls and filters (e.g. amount, currency, beneficiary, by order party, etc.) to determine if the payment qualifies for Smart Convert. If the payment qualifies for Smart Convert, Deutsche Bank will perform the conversion and pay in local currency to the beneficiary.
If not, the Bank will continue to process in the original currency with no delay. Timothy Merrell, Co-Head of FX4Cash, Global Transaction Banking, Deutsche Bank, said, "We have added Smart Convert to our robust FX4Cash platform as it offers our clients a new opportunity to generate revenues and maintain greater control over the end-to-end value chain of their international payments."
Rita Saverino, Co-Head of FX4Cash, Global Markets, Deutsche Bank, added, "During challenging timestimes, it is even more critical to optimize cross-currency payments. Clients benefit from accessing Deutsche Bank's competitive rates provided by the leading FX bank in the world."