German lender, Deutsche Bank has been appointed as the US dollar clearing bank for Clearing Corporation of India. Under the agreement, CCIL will incorporate Deutsche Banks Money Transfer New Architecture (MTNA) platform for its USD settlements.
This will enable CCIL to leverage the lender's treasury payment capabilities to settle its transactions, a press release said.
MTNA is Deutsche Bank's value proposition in the high-value payments segment.
"Deutsche Bank's MTNA platform will enable us to process our USD settlements more efficiently," CCIL's Chief Forex Officer, Indrani Rao, said.
CCIL is India's first clearing and settlement house for transactions in government securities, foreign exchange and money and debt markets.
Currently, CCIL provides clearing and settlement services for 73 member banks in India. Deutsche Bank has operations in 72 countries and 78,896 employees.