Deutsche Bank has launched of a new intraday cross-border cash sweeping service in South Korea, enabling its corporate clients to move Euro and US Dollar surplus balances and to maximize their liquidity.

The foreign currency cross-border cash sweeping service is implemented through Bank of Korea’s Consolidated Management of Funds (CMF) structure. The CMF allows transfers up to US$30 million to Singapore, Hong Kong, Frankfurt, London, and New York on an intraday basis with a ‘sweep with the sun’ approach. The process will provide same day funds availability, while alleviating traditional float associated with moving end-of-day balances.

Deutsche Bank is one of the few banks to offer this service in South Korea. Realtime information and transparency into cash positions will allow the bank’s clients to make better use of their liquidity by investing strategically across a wider set of investment options to realize capital earnings around the globe.

Kaushik Shaparia, managing director, head of trade finance & cash management corporates – Asia Pacific, Global Transaction Banking at Deutsche Bank, said: “Marking our commitment to the APAC region, we are pleased to launch this new foreign currency cross-border cash sweeping service in South Korea. This service, combined with our FX4Cash platform, will add tremendous value to our corporate clients.”

Lisa Rossi, managing director, global head of liquidity and investment product development at Deutsche Bank, said: “This service complements our global cash ‘sweep with the sun’ product solution.”

Deutsche Bank’s liquidity management offering enables its clients to manage their liquidity in a simple and efficient manner through the use of cash concentration or notional pooling. Deutsche Bank was named Best Service Provider – Liquidity Management in APAC by The Asset magazine, as part of its Triple A Treasury, Trade and Risk Management Awards 2016.