Japan Post Bank and ABC Expand MoUs with Deutsche Bank
Japan Post Bank and Deutsche Bank have signed a memorandum of understanding (MoU) to develop their existing relationship. Japan Post Bank has officially started processing incoming payments in euro from 4 October 2010 through their commercial payments account at Deutsche Bank, enabling the receipt of remittances from banks in Europe. Outgoing euro payments processed through Deutsche Bank are already in effect.
Japan Post Bank has directed US dollar outgoing payments to Deutsche Bank via Eurogiro, a global payments network and community since early 2001, and early this year, has extended the scope to encompass incoming US dollar remittances. The addition of euro payment capabilities is anticipated to provide improved benefits in transaction volume and enhanced customer satisfaction.
In other news, Agricultural Bank of China (ABC) has broadened its multi-currency cash management co-operation with Deutsche Bank. This relationship will expand on a global basis to include remittances to and from China worldwide.
ABC will widen its usage of Deutsche Bank’s payment platform, Money Transfer New Architecture, providing ABC’s clients with a competitively priced cross-border payments solution that is timely and flexible.
ABC will also use FX4Cash, Deutsche Bank’s global cross-currency payments platform. FX4Cash combines Deutsche Bank’s global foreign exchange (FX) expertise with its leading cash management offering to provide global cross-currency payments solutions for financial institutions.