NEW YORK – Deutsche Bank today announced its appointment as a global cash management bank for GT Nexus, the world’s largest cloud-based business network and execution platform for global trade and supply chain management.
Deutsche Bank’s international cash management platform now offers GT Nexus the ability to process payment flows in more than eight currencies by taking advantage of the Bank’s branches in the US, UK and Hong Kong. The solution also includes an innovative Payable on Behalf Of (POBO) structure in which GT Nexus can leverage the Bank’s payment architecture to drawdown on their network members’ accounts held at third party banks. This arrangement fully automates the supply chain transaction process for buyers, driving cash management efficiencies for GT Nexus’ platform members while providing payment confidence, security and visibility to suppliers.
“Our network spans nearly every industry vertical from all major markets around the world,” said Sean Feeney, CEO of GT Nexus. “We selected Deutsche Bank for their innovative approach and their ability to facilitate global payments quickly, efficiently and accurately for our customers.”
“Deutsche Bank’s cash management capabilities are perfectly suited to meet the complex needs of global technology companies like GT Nexus,” said Martin Runow, Head of Cash Management for Corporates, Americas at Deutsche Bank. “GT Nexus and its members will enjoy more efficient and transparent cross-border payment flows as a result of this innovative solution.”
Deutsche Bank is pleased to offer award winning cash management capabilities for corporates as well as financial supply chain expertise. The Bank was recently ranked as a top three international cash management provider for corporates in Euromoney’s 2014 Cash Management Survey and the Number One Financial Supply Chain Provider by Treasury Management International.