Deutsche Bank and KBC Bank (KBC) today announced the signing of a Memorandum of Understanding (MOU) to expand their cash management relationship. Under the terms of this MOU, KBC will use Deutsche Bank's global cross-currency payments solution, FX4Cash.
FX4Cash will enable KBC to gain efficiencies through a streamlined process for cross-currency payments in 125 currencies with destinations to over 175 countries.
KBC is a member of the KBC Group and is a well known euro (EUR) clearer. As an integrated banking and insurance group, it primarily focuses on retail, corporate and mid-cap clientele. The group concentrates on its home market in Belgium and, in addition to a number of countries in Central and Eastern Europe, is also represented in selective countries or regions around the globe.
“We look forward to leveraging Deutsche Bank’s FX application which will extend our product offering,” said Marc Bruffaerts, Head Sales and Network Management at KBC. “FX4Cash offers us a simple and efficient way to optimize cross-currency payments and provide customized solutions to our clients.” “We are proud to extend our partnership with KBC,” said Marcus Sehr, Head of Institutional Cash, Global Transaction Banking, at Deutsche Bank. “KBC will benefit from competitive exchange rates, greater controls, and additional revenue streams from this automatic conversion service for cross-border high-value payments.”