Indian Overseas Bank Selects Deutsche Bank’s FX4Cash
Deutsche Bank and Indian Overseas Bank (IOB) have signed a memorandum of understanding (MOU) to establish a closer relationship in cash management services. IOB will use Deutsche Bank’s global cross-currency payments solution, FX4Cash. Listed on India’s National Stock Exchange (NSE), IOB is a major consumer and commercial bank headquartered in Chennai, with more than 2,650 domestic branches and six overseas branches.
Using FX4Cash will give IOB access to a suite of solutions to support its global cross-currency payable and receivable flows, as well as efficiencies through a streamlined automated process for foreign exchange (FX) dealing and payments. The platform provides execution of payments made through leading client access channels including SWIFT, the internet, host-to-host and Eurogiro, in up to 125 local currencies via wire transfer, cheque and automated clearing house (ACH) ? across more than 160 countries.
Being integrated with Deutsche Bank’s electronic banking (e-banking) platform will also enable IOB to initiate real-time trades on FX4Cash with competitive FX rates.