Deutsche Bank adds new market to cross-currency payments platform

Source: Deutsche Bank

Deutsche Bank today announced that it is adding five new markets - Czech Republic, Poland, Switzerland, Turkey and United Arab Emirates - to FX4Cash, Deutsche Bank's global cross-currency payments platform.

FX4Cash combines the Bank's global foreign exchange expertise with its leading cash management offering to provide global cross-currency payments solutions for corporates and financial institutions.

Jointly offered by Deutsche Bank Global Markets and Global Transaction Banking, FX4Cash gives clients a range of end-to-end payment solutions for their cross-currency needs. In the new markets, clients will be able to seamlessly access the FX4Cash platform and reach their counterparties all over the world. The capabilities of FX4Cash have been available through its existing centers in Belgium, China, England, France, Germany, Italy, Japan, Netherlands, Singapore, Spain and the United States. Customers in these countries can access a single window into more than 120 different currencies. New receivables capabilities allow clients to consolidate their receipts into 39 currencies for conversion into their home currency.

Timothy Merrell, Co-Head of FX4Cash, Global Transaction Banking, Deutsche Bank, said, "Deutsche Bank continues with the rollout of its FX4Cash platform, further broadening its capabilities to include five new key markets. From the beginning of 2011, clients in the newly-added markets will be able to take advantage of our automated and highly versatile FX payments platform. Flexibility is one of the hallmarks of the FX4Cash platform and we will continue to expand this service in response to the needs of our client base."

Rita Saverino, Co-Head of FX4Cash, Global Markets, Deutsche Bank, said, "FX4Cash has proven to be one of our most popular products. Since its launch in the third quarter of 2008, more than 500 clients have signed up for this solution. Clients are increasingly turning to FX4Cash to improve working capital efficiency and enhance liquidity management."

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