Brazil's Caixa Econômica Federal consolidates USD remittance processing with Eurogiro

Brazil's Caixa Econômica Federal has consolidated its US dollar settlement needs with Deutsche Bank via cross-border payments network Eurogiro.

 

Caixa, headquartered in Brazil and 100% owned by the Brazilian government, joined Eurogiro in 2010 for the disbursement of Japan Post Bank US dollar remittance transactions.

The Eurogiro settlement service allows its members to utilise their account with a central settlement service provider - Deutsche Bank - for all of their US dollar settlement needs instead of holding mutual accounts with each member with whom they transact.

Caixa participates in the Multi-Lateral Framework setup and connects to Eurogiro via the SWIFT Eurogiro Closed User Group on SWIFTNet (SECUG).

The Agreement between Caixa and Deutsche Bank was announced and signed during SIBOS 2011 - on 20 September 2011.