Japan Post Bank signs payments MoU with Deutsche
25 October 2010 | 2606 views | 0
Source: Deutsche Bank
Japan Post Bank and Deutsche Bank have signed a Memorandum of Understanding confirming their desire to develop and strengthen their existing relationship.
Japan Post Bank, BIC CODE JPPSJPJ1, has officially started processing incoming payments in euro from 4th October 2010 through their commercial payments account at Deutsche Bank, the leading euro clearer worldwide, enabling the receipt of remittances from banks in Europe. Outgoing euro payments processed through Deutsche Bank are already in effect.
Japan Post Bank, one of four group companies under the umbrella of Japan Post Holdings, provides financial services to many clients through an established network of 233 branches and approximately 24,000 post offices that act as agents in Japan. With approximately 200 trillion yen in assets, Japan Post Bank has become, in terms of assets, one of the largest banks worldwide.
Japan Post Bank has directed USD outgoing payments to Deutsche Bank via Eurogiro, a leading global payments network and community since early 2001, and early this year, has extended the scope to encompass incoming US dollar remittances. The addition of euro payment capabilities is anticipated to provide improved benefits in transaction volume and enhanced customer satisfaction.
Paul Camp, Managing Director and Global Head of Cash Management Financial Institutions, Global Transaction Banking, Deutsche Bank, said, "We are delighted to expand our existing relationship with Japan Post Bank to now include euro payments as well as US dollar payments. We anticipate a steady increase in payment volumes and as the leading euro clearer worldwide, we are well positioned to address the needs of our clients."