Deutsche Bank has signed up two new clients, Belgium’s KBC Bank (KBC) and India’s Canara Bank for its global cross-currency payments solution, FX4Cash.

 

FX4Cash will enable KBC to gain efficiencies through a streamlined process for cross-currency payments in 125 currencies with destinations to over 175 countries.

 

KBC is a member of the KBC Group and is a well known euro clearer. As an integrated banking and insurance group, it primarily focuses on retail, corporate, and mid-cap clientele. The group concentrates on its home market in Belgium and, in addition to a number of countries in Central and Eastern Europe, is also represented in selective countries or regions around the globe.

 

Canara Bank will use FX4Cash as part of its suite of payment services to its corporate and retail clients.

 

Established in 1906, Canara Bank specializes in retail and corporate banking. Nationalized in 1969, it has 5,217 branches located across India (as of June 2014) and a large correspondent banking network overseas. Canara Bank provides a wide range of services to importers and exporters ranging from global payments and collections services to trade finance and foreign exchange transactions.

 

FX4Cash will enable Canara Bank to benefit from a streamlined automated process for FX dealing and payments. FX4Cash reduces the costs and reconciliation efforts of maintaining different currency accounts. The solution also helps to generate new income streams from customizable FX margins and eliminate both idle balances and exposure to currency revaluations.