China Citic has selected and launched Deutsche Bank’s cross-currency payments solution Fx4Cash.
By using this solution, China Citic will be able to make payments in more than 75 local currencies via wire, check and automated clearing house, through one base account. It removes the need for the bank to open foreign currency accounts, and allows it to offer payment services to its clients in virtually any currency they request.
John Ball, regional head of cash management financial institutions, Asia Pacific, global transaction banking, at Deutsche Bank, comments: “FX4Cash enables our clients to generate additional business and revenue opportunities, reduce costs, create new efficiencies, and have greater choice in managing their cross-currency payments.”
Zhu Liqun, China Citic’s general manager for accounting department/clearing centre, adds: “We decided to partner with Deutsche Bank’s strong reputation in global foreign exchange and market leadership in global cash management. We were looking for an innovative payments product that would benefit customers and offer them a broad selection of currencies.”
FX4Cash is a relatively new offering from Deutsche’s global financial institutions cash management business. The division has also introduced Very Early Payments Processing, which allows its financial institution clients to execute payment orders independently from the opening hours of clearing systems. This is of particular use to clients in the Middle East and Asia Pacific region as it helps them meet their time zone requirements for payments in Euro.
Historically, Deutsche Bank has offering this service in US dollars, but is now able to offer full euro capabilities, following demands from clients with growing euro payment volumes of business.
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