Deutsche Bank and Indian Overseas Bank (IOB) have signed a memorandum of understanding (MOU) to establish a closer relationship in cash management services. IOB will use Deutsche Bank’s global cross-currency payments solution, FX4Cash. Listed on India’s National Stock Exchange (NSE), IOB is a major consumer and commercial bank headquartered in Chennai, with more than 2,650 domestic branches and six overseas branches.
Using FX4Cash will give IOB access to a suite of solutions to support its global cross-currency payable and receivable flows, as well as efficiencies through a streamlined automated process for foreign exchange (FX) dealing and payments. The platform provides execution of payments made through leading client access channels including SWIFT, the internet, host-to-host and Eurogiro, in up to 125 local currencies via wire transfer, cheque and automated clearing house (ACH) ? across more than 160 countries.
Being integrated with Deutsche Bank’s electronic banking (e-banking) platform will also enable IOB to initiate real-time trades on FX4Cash with competitive FX rates.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.