The Agricultural Bank of China (ABC), China Merchants Bank and China Minsheng Banking Corp. Ltd (CMBC) have each signed seperate payments services agreements with Deutsche Bank.
ABC says it will use the German bank's multicurrency cross-border payment services to support trade and payment volumes within the Greater China region. ABC is the first commercial bank to operate in the People's Republic of China.
The system will incorporate Deutsche's multi-currency payment platform, Money Transfer New Architecture (MTNA), to provide ABC's clients with a cross-border payment system. In addition, ABC will access Deutsche Bank's network coverage in China, Hong Kong and Taiwan as well as the bank's range of cash management sservices.
Meanwhile, Deutsche Bank has also signed two new FX4Cash clients in China.
China Merchants Bank is using the system to offer its clients one base currency account, allowing payments in more than 120 local currencies via wire, cheque and Automated Clearing House (ACH).
Qiu Ye, general manager of financial institutions, China Merchants Bank says, "FX4Cash complements the success of our existing electronic banking services and thus will enable us to further expand our client base. This is in line with our expansion strategy based on our recent acquisition of Wing Lung Bank in Hong Kong and the opening of our offices in London and New York."
China Minsheng Banking Corp. Ltd (CMBC) will also use Deutsche Bank's FX4Cash as part of its extended range of wholesale payment services to corporate clients. CMBC will be able to use its US dollar and euro accounts with Deutsche Bank to effect payments through the FX4Cash platform.