Deutsche Bank today announced its appointment as US dollar clearing bank for Clearing Corporation of India Limited (CCIL), reaffirming the Bank's role as a dominant US dollar clearing service provider globally.
Incorporating Deutsche Bank's Money Transfer New Architecture (MTNA) platform, CCIL will leverage Deutsche Bank's treasury payment capabilities and robust suite of US dollar (USD) clearing services to settle its transactions.
CCIL is India's first clearing and settlement house for transactions in government securities, foreign exchange and money and debt markets. Currently, CCIL provides clearing and settlement services for 73 member banks in India. MTNA is Deutsche Bank's value proposition in the high-value payments segment. The initiative was developed by Deutsche Bank to reduce operating costs and increase efficiency while enhancing service levels to its clients.
Indiarani Rao, Chief Forex Officer, CCIL, said, "CCIL is pleased to partner with Deutsche Bank and is confident that the MTNA platform will enable us to process our USD settlements more efficiently. Deutsche Bank's MTNA supports our goal of safeguarding the well-being of our member banks by continuing to introduce innovative solutions to improve our operating efficiency for their benefit."
John Ball, Regional Head of Cash Management for Financial Institutions, Asia Pacific, Global Transaction Banking, Deutsche Bank, said, "India is a key market for Deutsche Bank with immense growth potential. This appointment is significant for Deutsche Bank as it demonstrates our commitment to state-of-the-art solutions and affirms our position as a leading US dollar financial services provider to financial institutions in India."