Vienna – Deutsche Bank has announced that its cross-currency payments solution, FX4Cash, has been selected, piloted and launched by China CITIC Bank, one of the leading commercial banks in China. China CITIC Bank leverages Deutsche Bank’s FX4Cash to offer its own client base an innovative, global cross-currency payments solution. Through one base currency account, China CITIC Bank is able to make payments in more than 75 local currencies via wire, check and automated clearing house (ACH).
FX4Cash combines Deutsche Bank’s number one market share in global foreign exchange (FX) with its leading ranking in global cash management to provide global cross-currency payment solutions for corporate and financial institutions. Seamless access is offered via SWIFT, internet and host-to-host solutions.
John Ball, regional head of cash management financial institutions, Asia Pacific, global transaction banking, Deutsche Bank, said: "We are pleased to have the opportunity to offer this solution to China CITIC Bank, enabling them to extend the value of the FX4Cash offering to their clients. 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 Bank’s general manager of clearing center, said: "As China’s third largest joint-stock commercial bank, China CITIC Bank is a specialist in corporate banking and international business. With over 485 branches throughout China it serves a wide base of corporate clients. We decided to partner with Deutsche Bank for cross-currency payments because of 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 our customers and offer them a broad selection of currencies. We were pleased that we were able to roll-out this new offering to our clients in a timely and efficient manner."
