Deutsche Bank has announced that it has launched Smart Convert as part of its FX4Cash platform to handle its financial institution clients’ cross-currency commercial MT103 payment transactions from US dollar, euro and other major currencies into the local currency of the beneficiary. The bank says that, with this new addition, financial institutions can control the rates provided to the ultimate beneficiary, manage and direct how the service is rolled out and earn revenues from the spread of these FX conversions.
Deutsche Bank says that its updated solution offers clients the opportunity to earn new revenue streams from their international payments. Clients send applicable US dollar, euro or UK pound commercial payments to the designated Smart Convert SWIFT address. Using Smart Convert’s artificial intelligence, clients have the option to convert US dollar, euro and UK pound international payments into 32 available local currencies. The FX4Cash platform will use the client’s pre-defined controls and filters (e.g. amount, currency, beneficiary, by order party, etc.) to determine if the payment qualifies for Smart Convert. If it does, Deutsche Bank will perform the conversion and pay in local currency to the beneficiary. If not, the bank will continue to process in the original currency with no delay.
Two Chinese banks have recently introduced the Deutsche Bank solution. China Minsheng Banking Corp. Ltd (CMBC) has signed an agreement to utilise the solution as part of its extended range of wholesale payment services for its corporate clients. CMBC will leverage the platform to offer cross-currency payments solution as a value-added service to its corporate customers. Additionally, China Merchants Bank has launched the platform for their cross-border payment transactions. Leveraging the platform, China Merchants Bank will be able to effect payments in more than 120 local currencies via wire, check and Automated Clearing House (ACH).
Finally, Deutsche Bank and the Agricultural Bank of China (ABC) have announced the signing of a memorandum of understanding that outlines an alliance in multicurrency cross-border payment solutions to facilitate escalating trade and payment volumes within the Greater China region. The solution will incorporate Deutsche Bank’s multi-currency payment platform, Money Transfer New Architecture (MTNA), and the bank says that this will provide ABC’s clients with a competitively priced cross-border payment solution that is timely and easy to customise. In addition, ABC will also tap into Deutsche Bank’s network coverage in China, Hong Kong and Taiwan together with the bank’s diversified range of cash management solutions to grow its market share by expanding revenue-generating capability.
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