ABN Amro Bank Links Euro and Dollar; EuroSmart Provides One-Stop Clearing Solution.CHICAGO--(BUSINESS WIRE)--Jan. 12, 1999--With the launch of the euro, ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Bank customers can maximize cash flow, improve liquidity and streamline reconciliation with euroSmart(sm) -- a global clearing product that manages euro and U.S. dollar accounts from a single location, in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . A direct link between what will be the two main global currencies, euroSmart provides a one-stop global clearing solution. Although the euro will account for much of the world's clearing operations, the U.S. dollar will continue to represent a large share of cross-border payments. As a result, banks will reduce the number of correspondent bank Correspondent bank Bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities. relationships they maintain in order to service customers, and the need for banks that can clear both currencies will grow. "Demand is increasing for global banks with both euro and U.S. dollar clearing capabilities, and ABN AMRO is the only bank with a direct payment line from the U.S. to the EMU," said James A. Bell
EuroSmart is a product of ABN AMRO's North America Regional Clearing Center, which has direct access to the Electronic Clearing House in Frankfurt (EAF/ELS). This channel directly links to TARGET, the pan-European clearing system governed by the European Central Bank European Central Bank (ECB) Bank created to monitor the monetary policy of the countries that have converted to the Euro from their local currencies. The original 11 countries are: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, . EuroSmart pools euro and U.S. dollar liquidity intra-day, which allows ABN AMRO to make euro payments to beneficiaries in all EMU countries and -- during the interim phase of January 1, 1999 to June 30, 2002 -- effect payments in any legacy currency. "One-stop global clearing with euroSmart is invaluable for U.S.-based financial institutions and corporations," said Werner Graser, vice president, International Financial Marketing Group, ABN AMRO Bank. "Many European companies already are converting systems and insisting on invoice payment in euros. EuroSmart gives ABN AMRO customers a global clearing solution with the convenience of the same time zone, customer service, a global product line for both currencies and the bank's unmatched global network." Netherlands-based ABN AMRO Bank N.V. is the world's eighth largest bank according to Tier one capital, with assets of $490 billion and 1,900 locations in 71 countries. North America's largest foreign bank with assets of $145 billion and 18,000 employees, ABN AMRO Bank's North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. include 15 ABN AMRO Bank N.V. locations ABN AMRO Inc., a full-service investment banking, brokerage and securities firm; ABN AMRO Asset Management (USA) Inc.; as well as Chicago's LaSalle Banks, Standard Federal Bank of Michigan and EAB EAB Emerald Ash Borer (insect) EAB Environmental Appeals Board (EPA) EAB Educational Activities Board (IEEE) EAB Environmental Advisory Board EAB Egyptian American Bank in New York. |
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