Deutsche Bank’s FX management tool for cross border payments has been highly effective for treasurers making multiple payments across currencies. The product was launched in 2008 and gives corporates the ability to consolidate their foreign currency accounts into a single funding account from which their cross-currency payments along with the FX trades can then be executed in over 125 target currencies. Indian Overseas Bank, one of the leading and most established south Indian banking groups has signed up to DB’s FX4Cash to manage its FX exposure.
The two banks have signed a Memorandum of Understanding (MOU) to establish a closer relationship in cash management services. Under the terms of this MOU, Indian Overseas Bank will use Deutsche Bank’s global cross-currency payments solution, FX4Cash.
Listed on the National Stock Exchange (NSE) in India, Indian Overseas Bank is a large consumer and commercial bank headquartered in Chennai, with more than 2,650 domestic branches and six overseas branches.
The Indian Overseas Bank is currently trading at 87.45 in India.
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By using Deutsche Bank’s FX4Cash, Indian Overseas Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows. FX4Cash will enable Indian Overseas Bank to gain efficiencies through a streamlined automated process for FX dealing and payments. The platform provides fast and reliable execution of payments made through leading client access channels including SWIFT, the internet, host-to-host and Eurogiro, in up to 125 local currencies via wire transfer, cheque and ACH − across more than 160 countries.
Being fully integrated with Deutsche Bank’s electronic banking platform, Indian Overseas Bank will be able to initiate real-time trades on FX4Cash with competitive FX rates, thereby providing additional efficiency and flexibility.
FX4Cash combines Deutsche Bank’s number one market share in global foreign exchange* with its leading ranking in cash management to provide global cross-currency payment solutions to financial institutions and corporates.
M. Narendra, Chairman & Managing Director of Indian Overseas Bank, said: “As a leading bank in India, we are continuously looking to enhance our services to benefit our clients. By leveraging Deutsche Bank’s FX4Cash payments solution, we will not only gain new efficiencies, but we will also add value to the services we provide to our corporate and retail clients.”
Anjali Mohanty, India Head of Global Transaction Banking at Deutsche Bank, said: “We are pleased to expand our long-standing relationship with Indian Overseas Bank. As we continue to build on our strong domestic franchise, we e remain focused on offering solutions that address the evolving needs of our clients. FX4Cash will bring significant benefits to Indian Overseas Bank’s service offering.”
Nancy So, Asia Pacific Head of Cash Management Financial Institutions, Global Transaction Banking at Deutsche Bank, added: “FX4Cash has been extremely well received by our financial institution clients throughout the region. This sophisticated solution not only draws on the strength of our bank-wide capabilities to enhance the competitiveness of our clients, but it also provides the efficiency and flexibility they require.”
* Euromoney, Global FX survey, 2012