Deutsche Bank partners with fintech Airwallex for cross-border payments service

Merchants using Airwallex do not need to open bank accounts to collect payments.

Deutsche Bank has teamed up with Airwallex to provide virtual account collections and API-enabled foreign exchange services in Japan and Hong Kong, the lender announced in a press release.

Already live in Japan, the solution allows Airwallex to process and convert cross-border payments made to its merchants based in Greater China by using virtual accounts and API technology.

Merchants using Airwallex do not need to open bank accounts in the markets where their customers are based. This helps simplify the entire payment process, according to Deutsche Bank and Airwallex.