Deutsche Bank has been selected among the banks which will provide payment services for the European Commission (EC) from 2015 for the maximum period of 5 years.
The Bank’s Global Transaction Banking (GTB) division will execute global non-EU payments on behalf of the EC.
Michael Spiegel, Global Head of Trade Finance and Cash Management for Corporates at Deutsche Bank, said: “We are pleased to be one of the European banks of choice for the European Commission. We believe that Deutsche Bank was recognized for its market-leading capabilities in foreign exchange and cross-border transactions.”
Deutsche Bank’s GTB division will use its FX4Cash platform, which automates cross-currency payables and receivables, while incorporating real-time streaming rates and providing full transparency and control. The solution has recently been implemented and is now live.