Deutsche Bank has joined forces with cross-border payments firm Airwallex to enable the latter to offer virtual account collections solution in Japan and API-enabled foreign exchange (FX) services in Hong Kong.
The virtual account collections solution is already live in Japan. Deutsche Bank said that the solution is will further help the payments company to seamlessly process and convert international payments made to its merchants across Greater China through the use of virtual accounts and API technology.
According to the German investment bank, by availing the services, merchants using Airwallex will benefit from not having to open bank accounts in the markets where their customers are located, as a result, easing the entire payment process.
Deutsche Bank corporate cash management APAC head Chintan Shah said: “We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections.
“With our leading-edge corporate payment solutions, expertise in working with fintech and e-commerce companies worldwide, Deutsche Bank is well placed to be the cash management bank of choice for this industry as we help to support the growing digital economy.”
Established in 2015, the cross-border payments firm is engaged in transforming the manner in which businesses move and handle money across borders using a financial infrastructure designed to enable its customers grow in their own markets and in all parts of the world.
Airwallex’s existing customers are said to be in industries like digital, e-commerce, transportation, travel, and education.
Airwallex CEO comments on the partnership with Deutsche Bank
Airwallex CEO and co-founder Jack Zhang said: “As more online merchants around the world, including Greater China and Japan, look to expand their client base beyond their home market, this digital payment collection service will be a game changer for them.
“We intend to work with as many partners like Deutsche Bank to extend this service in more markets and realize our mission to empower businesses to grow beyond borders and scale the digital economy.”
The cross-border payments company, which recently raised $160m in a Series D round, had partnered with Visa to launch borderless cards for businesses earlier this year.