Deutsche Bank and Bank of China NY sign Clearing MoU
Bank of China New York (BoC NY) and Deutsche Bank have signed a memorandum of understanding (MoU) expanding their cash management relationship by utilising Deutsche Bank’s new Guaranteed US Plus solution to process BoC NY’s international US dollar (USD) payments to US beneficiaries.
The solution was developed by Deutsche Bank’s global transaction banking business to create a more efficient way for US beneficiaries of cross-border USD payments, and their foreign counterparts, to transact. Leveraging the long-standing partnership between BoC NY and Deutsche Bank, functionality was adapted by both providers to broaden payment capabilities.
The service will provide BoC NY with payment principal preservation and end-to-end pricing transparency, which can in turn be passed along to its own customers.
Shihui Wang, executive vice president and chief operating officer (EVP/COO) at BoC USA said: “We chose to expand our existing cash management relationship with Deutsche Bank to provide our clients with this unique service that results in greater pricing transparency for individual USD payments entering the US.
“Looking forward, there are many opportunities where we can work together to provide the best value for our clients.”
Jeffrey Bisig, North America head of cash management for financial institutions sales, Deutsche Bank, said: “BoC will become the first Chinese bank to utilise and benefit from our new service, which is of growing importance as payment flows continue to increase between the US and China.”