December 21, 2010
Deutsche Bank attracts “significant number” of clients for FX4Cash
Deutsche Bank says that in the two years since the launch of its FX4Cash service, it has achieved “record levels of adoption” from its corporate clients for the cross-currency payments platform.
Launched in 2008, and expanded significantly 12 months later, Deutsche Bank now has several hundred top-tier corporate clients registered and using the FX4Cash platform which sends cross-currency payments in 120 plus currencies.
A key factor in the rapid rate of clients selecting FX4Cash has been the introduction of FX4Cash Receivables, Deutsche Bank says. This feature automates the processing of incoming foreign currency payments and gives corporate clients transparency and control over their incoming foreign currency flows.
Since clients do not need to hold any foreign currency accounts, or even retain an account with Deutsche Bank, it is easy for clients to use FX4Cash Receivables with no need to change their existing banking arrangements, Deutsche Bank says.
“Client demand is the highest that we have ever seen for a new product launch,” Timothy Merrell, Head of FX and Clearing Product Management, Global Transaction Banking, Deutsche Bank, says in a statement. “FX4Cash is the optimal way for clients to leverage our investment in technology for greater functionality, control and transparency.”
“Clients are seeing the value of FX4Cash as a cost-saving mechanism, a risk mitigator and a process enhancer,” Rita Saverino, Head of FX4Cash – Global Markets, Deutsche Bank says.
Separately, Deutsche Bank’s Global Transaction Banking operation has launched a social media campaign to improve communications with its corporate clients. With the theme “Drive DB!”, the social media tool lets clients participate in steering product design and development through online voting, debates and information sharing with other clients and with product, sales and service experts at Deutsche Bank.
Deutsche Bank has added new capabilities to its syndicated guarantee offering including a Web-based automated syndicated guarantee management application for both corporate clients and syndication banks. Corporates, banks and agents can access the new platform 24 hours a day, seven days a week, sharing relevant information on guarantee transactions and capture instructions.
The syndicated guarantee management tool is fully integrated with Deutsche Bank’s client access online services, the bank says. It offers real-time reporting on transactions and lines that can be customized to the individual requirements of the client.
“We have introduced these new syndicated guarantee management capabilities to strengthen our support of our customers’ international trade finance activities,” Jon Richman, Global Product Head, Trade and Financial Supply Chain, Global Transaction Banking, Deutsche Bank said. “This new functionality brings together the interests of clients and participating relationship banks, securing smooth and reliable guarantee transactions.”