Source: Deutsche Bank
Deutsche Bank today announced the expansion of its Guaranteed Plus product suite with the introduction of Guaranteed US Plus, a USD clearing product designed to provide end-to-end pricing transparency for individual USD payments flowing into the United States (US).
Deutsche Bank launches Guaranteed US Plus to enhance pricing transparency for The Guaranteed Plus product suite - a range of USD and EUR payments services - allows Deutsche Bank's clients and their customers to benefit from enhanced pricing transparency and payment principal preservation. However, challenges presented by common US market practice meant that US beneficiaries of cross-border USD payments, and their foreign counterparts, had until now been unable to benefit from such advantages.
Leveraging Deutsche Bank's payment infrastructure, Guaranteed US Plus overcomes such difficulties by enabling financial institutions to direct individual payments originating outside the US to the local mass payments network, which ensures next day value with control over deductions. As a result, financial institutions worldwide can achieve end-to-end pricing transparency and improve fee and deduction management - both of which allow them to better serve their own retail and corporate clients in the complex international payments space.
Isabel Schmidt, Head of Product Management Financial Institutions Cash Clearing, Global Transaction Banking at Deutsche Bank, said: "The relative lack of control over deductions of cross-border payment fees, or the charging of such fees for US beneficiaries, has become a significant hindrance to flows into the world's largest economy. Guaranteed US Plus allows financial institutions across the globe to offer fee-transparency programmes to their own customers for non-urgent payments into the US and cements our position as a market leader in payment principal preservation services."