Deutsche Bank uses FileAct for cross-currency payments
Bank expects greater customer adoption of FileAct in 2009
Published on 19 September 2008
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Left to right: Paula Goldsmith, Senior Relationship Manager – Americas, Global & Strategic Accounts, SWIFT. Daniel Marovitz, Head of Product Management, Deutsche Bank | |
Deutsche has successfully implemented SWIFT’s FileAct file transfer solution into its cross-currency payments solution, FX4Cash. This gives the bank’s clients a new cost-effective access channel, which uses one file, regardless of the number of funding or disbursement currencies. This new access point complements the existing access via FIN, the Internet and host-to-host solutions. Deutsche believes clients will benefit from having another delivery option for their cross-currency payments.
FX4Cash provides global cross-currency payment solutions for corporates and financial institutions. The product is offered jointly by Deutsche Bank’s Global Markets and Transaction Banking divisions.
“FX4Cash has been designed to provide our corporate and bank clients with greater choice in managing their cross-currency payments,” says
Timothy Merrell, head of FX4Cash, Global Transaction Banking, Deutsche Bank. “In speaking with our clients, we expect to see greater adoption of FileAct in 2009, particularly by small and mid-size institutions who intend to use this cost-effective channel for any type of transaction going forward.”
Ed Adams, key client executive, SWIFT, adds, “FX4Cash exemplifies how solutions can efficiently leverage FileAct’s cost-effective bulk messaging capabilities. Cross-currency payments are a strong fit for FileAct given that the Deutsche Bank’s corporate and financial institutional clients can send a single file containing multiple payments across multiple currencies.”