Canara Bank ties with Deutsche Bank for payment solutions

MUMBAI: State-owned Canara Bank and Deutsche Bank on Tuesday signed a Memorandum of Understanding for the use of FX4Cash – a cross-currency payments solution offered by the foreign bank. FX4Cash provides fast and reliable execution of cross-currency payments made through leading client access channels including SWIFT, on-line and host-to-host channels, in over 125 currencies via wire transfer, cheque and ACH transfers - across more than 160 countries.

"FX4Cash solution will significantly enhance our payment services platform," said V S Krishnakumar, Executive Director at Canara Bank. "This powerful tool enables fast and easy global payments, which will directly benefit our corporate and retail clients – especially our large portfolio of non-resident clients."

By using Deutsche Bank’s FX4Cash, Canara Bank will have access to a full suite of solutions to support its global cross-currency payable and receivable flows, said the press release issued on the matter.

As of June, 2014; Canara Bank has 5,217 branches located across India and a large correspondent banking network overseas.