Deutsche Bank to Launch China Paperless Cross-border Payments
Deutsche Bank will launch paperless cross-border payment services in China via its db-direct internet electronic banking platform on 1 September.
The bank said that these services will enable corporates in China to process their payments and foreign exchange (FX) transactions, as well as submit their supporting documents electronically directly on db-direct internet when necessary. The platform also allows corporates to benefit from a flexible authorisation set-up for electronic document delivery.
On 10 July, People’s Bank of China (PBOC) announced the simplification of operating procedures of cross-border renminbi (RMB) business, and the State Administration of Foreign Exchange (SAFE) announced new FX management measures for service trade on 18 July, which will be effective on 1 September. These regulatory changes have enabled banks to offer more efficient solutions to their clients for their cross-border payments from China.
“We are proud to launch paperless cross-border payment services in China via one single platform, in response to the recent regulatory changes from PBOC and SAFE,” said Carl Wegner, Greater China head of global transaction banking at Deutsche Bank.
“By leveraging the robustness and flexibility of db-direct internet, we are able to further simplify payment processes for our clients in China. We are committed to continuously finding ways to help our clients benefit from this type of changes, especially the ongoing internationalisation of the RMB, and to enhance their payment experience with Deutsche Bank.”