India’s third largest private sector lender, Axis Bank, has signed a Memorandum of Understanding to offer Deutsche Bank’s global cross-currency payments solution, FX4Cash, as part of its suite of payment services.
According to Axis Bank, using the FX4Cash service will "enhance" the lender’s cross-border remittance services to its retail clients and "simplify the multi-currency payment process" for its corporate clients.
FX4Cash enables fast execution of payments made through client access channels in up to 125 local currencies via wire transfer, cheque and ACH ? across more than 160 countries.
Axis Bank aims to have access to a full suite of solutions to support its global cross-currency payable and receivable flows with the FX4Cash service.
FX4Cash, reportedly, reduces the costs and reconciliation efforts of maintaining different currency accounts and aims to generate new income streams. FX4Cash also aims to enable efficiency gains for Axis Bank with a streamlined automated process for FX dealing and payments.
K. Anil Kumar, senior vice president, head of global financial institutions at Axis Bank said: "This is an easy to use all-in-one solution that will increase our reach and revenues."
John Ball, global head of sales, cash management financial institutions, global transaction banking at Deutsche Bank, added the ability to optimise global cross-border, cross-currency payments and receipts has become "a priority for financial institutions".