Canara Bank and Deutsche Bank today announced the signing of a Memorandum of Understanding for the use of FX4Cash, Deutsche Bank's global cross-currency payments solution, as part of Canara Bank's suite of payment services to its corporate and retail clients.
FX4Cash provides fast and reliable execution of cross-currency payments made through leading client access channels including SWIFT, on-line and host-to-host channels, in over 125 currencies via wire transfer, check and ACH transfers − across more than 160 countries.
Established in 1906, Canara Bank specializes in retail and corporate banking. Nationalized in 1969, the Bank has 5,217 branches located across India (as of June 2014) and a large correspondent banking network overseas. Canara Bank provides a wide range of services to importers and exporters ranging from global payments and collections services to trade finance and foreign exchange transactions.
By using Deutsche Bank’s FX4Cash, Canara Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows. FX4Cash will enable Canara Bank to benefit from 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 customizable FX margins and eliminate both idle balances and exposure to currency revaluations.
Mr. V S Krishnakumar, Executive Director at Canara Bank said: “We are delighted to expand our long-standing relationship with Deutsche Bank. We believe that the Bank’s FX4Cash solution will significantly enhance our payment services platform. This powerful tool enables fast and easy global payments, which will directly benefit our corporate and retail clients – especially our large portfolio of non- resident clients.”
￼Nancy So, Head of Sales, Asia Pacific, Institutional Cash, Global Transaction Banking at Deutsche Bank, added: “We are delighted that Canara Bank has chosen FX4cash with its unparalleled combination of flexibility, speed and efficiency for global cross-currency payments. We look forward to partnering with them and building a deep relationship over the coming years.”