European Depositary Bank (EDB) has partnered with Aarna Capital Limited to deliver the firm’s pioneering digital banking solutions.
The Luxembourg-based organisation’s bespoke service is expected to offer clients the option to open multi-currency accounts and manage their day-to-day transactions, including global payments, FX requirements and cash management through automated money market sweeps from a single online dashboard.
Today’s announcement is the latest in a series of notable client wins for EDB, including appointment by Arab Bank for digital bank accounts.
Ankit Shah, Global Head of Product – Digital Banking, EDB comments: “Upheaval in the global banking sector in 2023 has reduced risk appetite, with increased regulation making the provision of banking services to financial institutions more complex and burdensome for non-specialist providers.
“As a result, funds, brokers and financial institutions are finding it more challenging to open bank accounts and efficiently operate their day-to-day banking operations.
“In the rising interest rate environment means that people with large cash balances and client monies are seeking a banking partner who can provide competitive interest rates, immediate access and the institutional level banking functionality required to navigate a rapidly changing and evolving regulatory and macroeconomic environment.”
Dima Nedvetsky, Senior Executive Officer, Aarna Capital added: “In EDB, we have a platform which offers exceptional digital functionality with multi-currency accounts, 24/7 access and immediate withdrawal facilities.
“In particular, their multi-currency cash sweep module enables us to effortlessly optimize our cash management, automating time deposits across leading counterparties.
“We have been impressed by the speed and ease of account opening through EDB’s onboarding portal, with the support and advice of their expert team.”
As part of Apex Group, EDB is one of the largest providers of depositary services in Europe for regulated UCITS and alternative funds with €180.9bn Assets under Depositary and €24.2bn Assets under Custody (as of June 30, 2023).
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