Deutsche Bank contracted for payment services by the European Commission

Deutsche Bank has been selected among the banks which will provide payment services for the European Commission (EC) from 2015 for the maximum period of 5 years. The Bank’s Global Transaction Banking (GTB) division will execute global non-EU payments on behalf of the EC.

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 recognized for its market-leading capabilities in foreign exchange and cross-border transactions.”

Deutsche Bank’s GTB division will use its FX4Cash platform, which automates cross-currency payables and receivables, while incorporating real-time streaming rates and providing full transparency and control. The solution has recently been implemented and is now live.