by Timothy Merrell, Co-Head, FX4Cash, Global Transaction Banking, Deutsche Bank
Several enhancements to Deutsche Bank’s FX4Cash platform have broadened its functionality and increased its utility to corporate clients, says Timothy Merrell, Co-Head of FX4Cash at Deutsche Bank’s Global Transaction Banking.
In the aftermath of the recent turmoil in the financial markets and the global economy, the focus for many corporate treasurers is very much on enhancing liquidity management and improving working capital efficiency. Indeed, should concerns surrounding funding and access to credit markets return, these will be crucial factors in determining how well corporates perform.
One area where many corporates can make significant improvements with relatively little effort or expense is in the management of cross-currency payments.
One area where many corporates can make significant improvements with relatively little effort or expense is in the management of cross-currency payments – both incoming and outgoing. Payments of this type, especially where they are repetitive and of relatively lower value, can present a number of problems for corporates and the financial institutions that handle them. These include a lack of transparency surrounding the application of foreign exchange rates, the burden of maintaining multiple accounts to pay beneficiaries in different locations and the number of bank interactions required to complete the transaction – something that stems from the common practice of treating its payment and foreign exchange elements separately.