China CITIC bank has selected Deutsche Bank’s cross-currency payments product FX4Cash. The service enables the bank to use one base currency account from which it can make payments in more than 75 local currencies via wire, check and Automated Clearing House.
FX4Cash is tailored to provide global cross-currency payment services for corporate and financial institutions. Access is via Swift, the Internet and host-to-host solutions.
John Ball, Deutsche Bank’s regional head of cash management financial institutions, Asia Pacific, Global Transaction Banking, says: “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. “
CITIC is China’s third largest joint-stock commercial bank with over 485 branches domestically.