IOB signs MoU with Deutsche Bank

Chennai: Public sector Indian Overseas Bank has inked a memorandum of understanding with Deutsche Bank for using its cross-currency payment solution FX4Cash to offer cash management services across 125 local currencies in more than 160 countries.

"By using Deutsche Bank cross currency payment solution FX4Cash, Indian Overseas Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows", Indian Overseas Bank said in a statement.

'FX4 Cash' would enable the Bank to gain efficiencies with a streamlined automated process for dealing and payments, it said.

"The platform provides fast and reliable execution of payments made through leading client access channels upto 125 local currencies via wire transfer, cheque across 160 countries", it said.

"By leveraging the Bank's FX4Cash payments solution, we will not only gain new efficiencies, but we will also add value to the services we provide to our corporate and retail clients", Indian Overseas Bank, CMD, M Narendra said.

Being fully integrated with Deutsche Bank's electronic banking platform, Indian Overseas Bank would be able to initiate real-time trading activity on FX4Cash, providing additional efficiency and flexibility.

"We are pleased to expand our long-standing relationship with Indian Overseas Bank. FX4Cash will bring significant benefits to Indian Overseas Bank's service offering", Deutsche Bank, Global Transaction Banking, Head-India, Anjali Mohanty said.

PTI