Deutsche Bank has been selected as one of the banks to provide payment services for the European Commission, a contract lasting up to five years.
The bank’s global transaction banking (GTB) division will execute non-EU payments on behalf of the commission, using its new FX4Cash platform to automate cross-currency payables and receivables. The platform also incorporates streaming rates and provides maximum transparency and control.
Michael Spiegel, global head of trade finance and cash management for corporates at Deutsche Bank, said: “We are pleased to be one of the European banks of choice for the European Commission.”
“We believe that Deutsche Bank was recognised for its market-leading capabilities in foreign exchange and cross-border transactions.”
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