Three Chinese banks have recently signed for Deutsche Bank’s FX4Cash platform to provide wholesale payment services to their corporate clients.

China Merchants Bank (CMB) has launched Deutsche Bank’s FX4Cash cross-currency payment platform to further extend value-added services to its own clients. Using one base currency account, the bank is able to effect payments in more than 120 local currencies via wire, check and Automated Clearing House (ACH).

China Minsheng Banking Corp. Ltd (CMBC) and Agricultural Bank of China (ABC) are to utilize Deutsche Bank’s solution as part of their extended range of wholesale payment services to their corporate clients in Greater China.

FX4Cash combines Deutsche Bank’s number one market share in global foreign exchange (Euromoney Global FX survey 2009) with its leading ranking in cash management to provide global cross-currency payment solutions for financial institutions and corporates. Using FX4Cash, clients obtain seamless access via SWIFT, internet and host-to-host for clients to make cross currency payments from 20 funding currencies to 125 local currencies –via wire, check and ACH — across more than 160 countries.