Deutsche Bank have launched a new intra-day cross-border cash sweeping service in South Korea, enabling its corporate clients to move Euro and US Dollar surplus balances and to maximise their liquidity.
Deutsche Bank is one of the few banks to offer this service in South Korea. Real-time information and transparency into cash positions will allow the Bank’s clients to make better use of their liquidity by investing strategically across a wider set of investment options to realise capital earnings around the globe.
Through Bank of Korea
The foreign currency cross-border cash sweeping service is implemented through Bank of Korea’s Consolidated Management of Funds (CMF) structure. The CMF allows transfers up to USD30 million to Singapore, Hong Kong, Frankfurt, London, and New York on an intra-day basis with a ‘sweep with the sun’ approach. The process will provide same day funds availability, while alleviating traditional float associated with moving end-of-day balances.
Kaushik Shaparia, Managing Director, Head of Trade Finance & Cash Management Corporates – Asia Pacific, Global Transaction Banking at Deutsche Bank, said: “Marking our commitment to the APAC region, we are pleased to launch this new foreign currency cross-border cash sweeping service in South Korea. This service, combined with our FX4Cash platform, will add tremendous value to our corporate clients.”
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