Source: Deutsche Bank
Deutsche Bank and PostFinance today announced a cooperation agreement to facilitate international cross-currency payments.
This expands PostFinance's existing payments and cash management relationship with Deutsche Bank who has been serving as euro and US dollar partner bank of PostFinance for many years.
PostFinance is a leader in payment transactions, offering a comprehensive high-quality cross-border payments system that is the core of a wide range of banking services. With nearly 900 million transactions annually, PostFinance is Switzerland's largest payments service provider to both private and business customers.
PostFinance and its clients will be using Deutsche Bank's FX4Cash platform for global cross-currency payments. FX4Cash was developed by Deutsche Bank's Global Transaction Banking in collaboration with its Markets division, leveraging the Bank's number one FX role as well as its leading payment positions in euro and US dollar clearing.
Utilizing FX4Cash, clients are able to send and receive cross-currency payments in over 120 different currencies.
Beat Witschi, Head of Products, PostFinance, said, "Building on our existing relationship with Deutsche Bank, we have decided to extend our payments and cash management collaboration. We selected Deutsche Bank's FX4Cash solution as it is highly innovative and flexible, allowing us to customize it to the needs of our own client base."
Karim Derzi, Switzerland Head of Cash Management Financial Institutions, Global Transaction Banking, Deutsche Bank, said, "We are pleased to support PostFinance's efforts to maximize and extend their payment reach worldwide for their expanding client franchise. FX4Cash provides clients with new functionality, added control and revenue opportunities for servicing their cross-currency payment requirements."