Amsterdam
October [25], 2010
STRICTLY EMBARGOED UNTIL OCTOBER 25, 2010
Deutsche Bank achieves record levels of client adoption with FX4Cash
Deutsche Bank today reported that in just two years, it has achieved double-digit adoption rates from its financial institution clients for its cross-currency payments platform, FX4Cash.
Launched in 2008, and expanded significantly 12 months later, FX4Cash now has several hundredtop-tier financial institutions registered and actively using a platform that sends and receives cross-currency payments in 120 plus currencies.
The client acceptance of FX4Cash has been accelerated by the introduction of Smart Convert, a feature that uses artificial intelligence to identify major currency commercial payments and receipts (e.g. USD, EUR, GBP, AUD, etc.) that can be safely converted into local currency. Further client adoption has been supported by the introduction of Deutsche Bank’s consolidated cross-currency receivables option.
Timothy Merrell, Head of FX and Clearing Product Management, Global Transaction Banking, Deutsche Bank said: “Client demand is the highest that we have ever seen for a new product launch. FX4Cash is the optimal way for clients to leverage our investment in technology for greater functionality, control and new revenue opportunities. Clients are signing up from all over the world as they are ready to swap their current manual processing of cross-currency payments for a solution that offers breakthrough straight-through processing and artificial intelligence.”
Rita Saverino, Head of FX4Cash – Global Markets, Deutsche Bank says, “The high acceptance of FX4Cash from all regions is clearly gathering momentum. Clients are recognizing the value of FX4Cash as a cost-saving mechanism, arisk mitigator and a competitive differentiator.”
For further information, please call:
Deutsche Bank AG
Press & Media Relations
Christoph Woermann
Deutsche Bank
Global Transaction Banking
+44(0) 777 496 9054
Libby Young
Deutsche Bank
Press Office
+44(0) 207 545 6941
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 81,929 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
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