Source: Deutsche Bank
State Bank of Hyderabad (SBH) and Deutsche Bank today announced the signing of a Memorandum of Understanding to offer FX4Cash, Deutsche Bank's global cross-currency payments solution, as part of SBH's suite of payment services to its corporate and retail clients.
Established in 1941, State Bank of Hyderabad specialises in retail and corporate banking. A subsidiary of State Bank of India since 1959, the Bank has over 1,500 branches located across India. SBH offers FX facilities and trade finance services to importers and exporters through its 74 designated branches and a large overseas correspondent banking network, ranging from global payments and collections to remittances and FX transactions.
By using Deutsche Bank's FX4Cash, SBH will have access to a full suite of solutions to support its global cross-currency payable and receivable flows. FX4Cash will enable the Bank to gain efficiencies with a streamlined automated process for FX dealing and payments.
FX4Cash reduces the costs and reconciliation efforts of maintaining different currency accounts. The solution also helps to generate new income streams from customisable FX margins, and to eliminate both idle balances and exposure to currency revaluations.
FX4Cash provides fast and reliable execution of payments made through leading client access channels including SWIFT, the internet, host-to-host and Eurogiro, in up to 131 local currencies via wire transfer, cheque and ACH − across more than 160 countries.
Mr. M. Bhagavantha Rao, Managing Director at State Bank of Hyderabad said: "We are delighted to expand our long-term relationship with Deutsche Bank. We believe that the Bank's FX4Cash solution will significantly enhance our state-of-the-art payment services. This powerful platform enables fast and easy global payments, which our corporate and retail clients - especially our large portfolio of non-resident clients - will directly benefit from."
Nancy So, Asia Pacific Head of Cash Management Financial Institutions Sales, Global Transaction Banking at Deutsche Bank, added: "FX4Cash continues to be one of our flagship solutions for financial institutions, as it delivers an unparallelled combination of flexibility, speed and efficiency for global cross-currency payments. We are pleased to count State Bank of Hyderabad among its users and look forward to continuing to work with them."