The new product, fx4cash, offers seamless access via Swift, internet and host-to-host for clients to make cross-currency payments from 18 funding currencies to more than 75 local currencies. FX capabilities will also permit real-time streaming, fixed and benchmark rates.
ôBanks in Asia have started to realise they need to consolidate their corresponding bank accounts and to reduce the number of US dollar, euro and other currency accounts,ö says Kefei Chang, director of fx4cash product sales for Asia-Pacific at Deutsche Bank. ôOur product helps them to achieve this without sacrificing their capability to enable their customers to make payments in all those currencies. The biggest benefit to corporate customers meanwhile is that we also combine forex trading, settlement and payments to third parties."
The product will help Deutsche's clients to reduce costs and to convert manual processes into an end-to-end straight through processing solution for cross-currency payments, according to the bank.
Deutsche expects to have five clients signed up over the next three months, but declined to reveal names. The product is offered jointly by Deutsche Bank's global markets and transaction banking divisions.