Guaranteed cross-border USD payments to local ACH in USA
by Kylene Casanova
Bulk cross-border payment: It is becoming essential for banks to offer fixed price guaranteed fixed price cross-border payments services. Deutsche Bank has been signing up financial institutions for their Guaranteed US Plus service for sending USD cross-border payments to the USA, e.g. National Bank of Abu Dhabi bank has just signed. Guaranteed US Plus enhances pricing transparency as well as improving fee and deduction management for individual payments to the US. The new service enables financial institutions to direct individual payments originating outside the USA to the local American mass payment systems network in the US. Deutsche Bank also to aims to ensure that Guaranteed US Plus meets all Anti Money Laundering regulations that apply to all cross-border transactions.
Isabel Schmidt, Head of Product Management Financial Institutions Cash Clearing, Global Transaction Banking at Deutsche Bank, said: “The relative lack of control over deductions of cross-border payment fees, or the charging of such fees for US beneficiaries, has become a significant hindrance to flows into the world’s largest economy. Guaranteed US Plus allows financial institutions across the globe to offer fee-transparency programmes to their own customers for non-urgent payments into the US and cements our position as a market leader in payment principal preservation services.”
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