The Chennai based Indian Overseas Bank (IOB) has inked pact with Deutsche Bank which will enable the former to use the foreign bank's global cross-currency payment mechanism FX4Cash to facilitate management of cash across 125 local currencies in 160 countries. IOB and Deutsche Bank signed a Memorandum of Understanding (MoU) to this effect.
On the matter, IOB issued a statement which said, "By using Deutsche Bank cross currency payment solution FX4Cash, Indian Overseas Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows."
The statement further added, "The platform provides fast and reliable execution of payments made through leading client access channels up to 125 local currencies via wire transfer, cheque across 160 countries."
The Chairman and Managing Director of IOB, Mr. M. Narendra said, "By leveraging the Bank's FX4Cash payments solution, we will not only gain new efficiencies, but we will also add value to the services we provide to our corporate and retail clients."
From Deutsche Bank's side, Ms. Anjali Mohanty, the Head-India of Global Transaction Banking said, "We are pleased to expand our long standing relationship with Indian Overseas Bank. FX4Cash will bring significant benefits to Indian Overseas Bank's service offering."