Deutsche Bank (Frankfurt) has introduced an enhanced foreign exchange product at the Association for Financial Professionals' 2009 annual conference. FX4Cash Receivables expands upon Deutsche Bank's existing FX4Cash platform by allowing users to handle incoming foreign currency wires to corporates, financial institutions and non-bank financial institutions. In the base currency of their choice, Deutsche Bank is able to convert and remit funds to a client's designated account in up to 40 foreign currencies.
According to Deutsche Bank, FX4Cash Receivables allows clients to streamline receivables processes, simplify settlement instructions communicated to remitters and consolidate the number of local in-country accounts maintained. Additionally, reporting is available with full details to help reconcile open account receivable items.
FX4Cash combines Deutsche's market share in global foreign exchange with its cash management expertise to provide global cross-currency payment solutions for corporates and financial institutions. Using FX4Cash, clients obtain access via SWIFT, Internet and host-to-host for clients to make cross currency payments from one of 20 funding currencies to up to 125 local currencies—via wire, check and ACH—across more than 160 countries.