GT Nexus Appoints Deutsche Bank for Global Cash Management
GT Nexus, the world’s largest cloud-based business network and execution platform for global trade and supply chain management, has appointed Deutsche Bank as its global cash management bank.
The bank’s international cash management platform will enable GT Nexus to process payment flows in more than eight currencies by taking advantage of DB’s branches in the US, UK and Hong Kong.
The solution also includes a payable on behalf of (POBO) structure in which GT Nexus can leverage the bank’s payment architecture to drawdown on their network members’ accounts held at third party banks.
“Our network spans nearly every industry vertical from all major markets around the world,” said Sean Feeney, chief executive (CEO) of GT Nexus. “We selected Deutsche Bank for their innovative approach and their ability to facilitate global payments quickly, efficiently and accurately.”