Deutsche Bank enhances bank-to-bank CMFI platform
25 October 2010 | 3329 views | 0
Source: Deutsche Bank
Deutsche Bank's Cash Management Financial Institutions (CMFI) today announced significant enhancements to its client offering across product capabilities, currencies and geographic reach. This builds on CMFI's continued focus on innovation and world-class provision of services.
Deutsche Bank invests in innovative, new solutions to deliver tangible results to clients, such as generating revenue, reducing cost and mitigating risk.
Deutsche Bank's FX4Cash -- Deutsche Bank's global cross-currency payments platform - has been enhanced by the introduction of Smart Convert, a feature that uses artificial intelligence to identify major currency commercial payments and receipts (e.g. USD, EUR, GBP and AUD) that can be safely converted into local currency. In addition, further client adoption has been supported by the introduction of Deutsche Bank's consolidated cross-currency receivables option.
Deutsche Bank's global remittance offering - Innovative functionality has been introduced to advise remittance payments via SMS text messaging in local language. This new technology delivers fast, effective and tailored information directly to beneficiaries and/or remitters. Deutsche Bank's remittance service will also enable financial institutions to incorporate the Bank's web technology under their own branding to attract the relevant population in the world's largest remittance sending country, the United States.
Enhanced treasury management capabilities - Deutsche Bank will offer integrated Global Transaction Banking liquidity and Global Markets execution services in one solution to support the entire value chain of treasurers. Clients benefit from transparency on liquidity positions -- real-time for Deutsche Bank and third parties. They can also manage and invest, hedging FX positions, active and passive investments in time deposits and money market funds.
Global Customer Service capabilities -- With teams in over 25 countries, Deutsche Bank CMFI clients benefit from being serviced by experienced professionals who speak their language, are familiar with local as well as global market-specific practices, fully understand our product suite and the clients' business requirements and have on-the-ground access to enhanced enhanced global systems and technology.
Deutsche Bank holds leading positions in the world's two global currencies, US dollar and euro, augmented by increasing strength in other currencies, predominantly via FX4Cash.
Deutsche Bank ranks as a top three provider across all of the world's major markets in both euro and US dollar based on recent Euromoney Cash Management Poll 2010 results.
FX4Cash now has several hundred financial institutions registered and actively using a platform that sends and receives cross-currency payments in 120+ currencies around the world.
In an increasingly global economy, Deutsche Bank leverages and grows its reach into key markets to support its financial institutions client base worldwide.
Deutsche Bank, a leading provider of payments and cash management services, is providing the Eurogiro community - with a reach of 2 billion consumers -- a single point of settlement for more than 35 currencies through FX4Cash.
Additionally, Deutsche Bank will be announcing further collaboration in key markets around the world with leading banks to jointly expand their offering. These markets include Brazil, China, the Middle East and Europe.
Paul Camp, Global Head of Cash Management Financial Institutions at Deutsche Bank said, "As clients expand into new markets, we are committed to meeting their demands for new capabilities, expanded currency options and extended reach. We will continue to broaden our product offering and develop new partnerships to drive innovation to enable clients' success."
Christian Westerhaus, Global Head of Cash Product Management, Global Transaction Banking, Deutsche Bank , added, "We are dedicated to investing in and growing our product set, including FX4Cash and our remittance offering. We are able to leverage our number one FX role as well as our leading clearing positions in euro and US dollar so that clients worldwide can increase revenue and maximize efficiency."