RBS Debuts Multi-bank Cash Management Solution in China
The Royal Bank of Scotland (RBS) has launched a multi-bank solution in China that enables corporates to manage accounts from Chinese banks through a single global electronic banking platform.
The solution can support up to 18 banks’ interfaces in China, in a network of over 100,000 branches across the country. RBS claims that it provides the most extensive coverage in China, facilitating corporates in doing business in China and simplifying treasury processes.
The solution enables timely third party bank account transaction reporting, payment initiation and automated cross-bank sweeping. Corporate treasurers in China will no longer have to manage multiple electronic banking (e-banking) platforms, often incompatible with each other, from various local Chinese banks on an individual basis.
RBS adds that users will achieve improved cash visibility through a timely consolidated view of their cash positions at the various local banks.
The solution is fully integrated into RBS’s existing electronic banking platforms including Access Online, host-to-host channel Access Direct and SWIFT Corporate Access.
The solution also supports various industrial standard payment formats including SAP, eXtensible mark-up language (XML), and electronic data interchange (EDI). This enables corporates’ treasury and enterprise resource planning (ERP) system to use a single standard file to generate payment instruction over their various bank accounts with those local Chinese banks.
“The multi-bank solution brings an extended breadth of electronic banking services from various banks to the doorstep of our clients via a single global channel including balance and transaction reporting, payment initiation,” said Jonathan Jiang, RBS’s head of global transaction services, China.
“By providing clients with full visibility of their cash flow with local Chinese banks, we are able to offer automated cross bank cash sweeping that maximise returns on their aggregated deposit balances with RBS,” he added.