Deutsche Bank today announced that it has been chosen by Eurogiro, the world's second largest network in international electronic payment transactions, to offer its members a multi-currency settlement service.
Eurogiro serves the global postal bank and agency community.
Deutsche Bank, a leading provider of payments and cash management services, is providing the Eurogiro community a single point of settlement for more than 35 currencies through FX4Cash, its global cross-currency payments platform. FX4Cash combines Deutsche Bank's global foreign exchange expertise with its extensive cash management offering to provide global cross-currency payments solutions for financial institutions and corporates.
The new multi-currency settlement service is easy and efficient to use. Customers are advised of FX rates up-front and can reduce costs in processing cross-border payments. Eurogiro members can use an existing account when sending a transaction. When receiving payments, the funds can be settled via domestic clearing due to the far-reaching global coverage of Deutsche Bank.
Paul Camp, Global Head of Cash Management Financial Institutions, Deutsche Bank and Board Member of Eurogiro, said "Deutsche Bank is pleased to offer Eurogiro the ability to extend its new multi-currency settlement solution to its network of postal banks and postal agencies around the world. Via its network, Eurogiro is able to reach over two billion individuals globally."
Tjeerd Rienstra, CEO of Eurogiro, said: "The introduction of this multi-currency solution is the next step in broadening our scope of currencies settled with a single provider to complement the existing euro- and US dollar settlement services. Deutsche Bank's FX4Cash platform is highly innovative and its flexibility allows us to tailor this service to the needs of our own client base while providing added efficiency. Being aware of FX rates in advance of a transaction is highly beneficial and we expect this advantage will be of great value, particularly, for the worker remittance market."
Armin Brun, Chairman of Eurogiro and Deputy Head of Swiss Post PostFinance added, "As Chairman of Eurogiro, I bo, I believe the introduction of this new multi-currency settlement service is an important development. By leveraging Deutsche Bank's FX and payments expertise, Eurogiro can meet the currency reach of its extensive client base that spans over 50 countries and includes members such as Swiss Post PostFinance, the largest provider of international payments in Switzerland. "