21 Jan 10
Deutsche Bank's Global Transaction Banking division has strengthened its ties with Eurogiro, a global payments network and community, by taking an 8% equity stake in the company.
Eurogiro is the second largest network for cross-border payments with a focus on connecting the world's postal organisations, post banks, banks and other financial institutions. Deutsche Bank has been engaged with Eurogiro for over 10 years and has established numerous long-term relationships with the Eurogiro community. The bank is an acting board member of Eurogiro and also provides its members with US settlement services. This offering is currently being expanded to include multi-currency settlement services.
Speaking at an event in London, Paul Camp, head of cash management financial institutions at Deutsche Bank, said that this investment underscores the bank's commitment to remittances, which it sees as a driver for future growth.
"Becoming a shareholder in Eurogiro perfectly supports our global remittance initiative. Clients will benefit from our existing product capabilities enhanced with the Eurogiro reach and functionality, such as SMS advising. With minimal investment, our global clients can earn additional revenues as well as attract and retain customers with a new and improved remittance offering," he said.
First published on www.gtnews.com
- Joy Macknight
- I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.