Source: Deutsche Bank
Deutsche Bank today announced its partnership with Postal Savings Bank of China (PSBC), the fifth largest bank in China by deposits, for the provision of payment clearing channels to manage US dollar clearing and remittances into China. Deutsche Bank is the first foreign bank to provide an innovative cash management service to China's state-owned postal agency.
PSBC has more than 36,000 retail locations across China of which two-thirds are in rural areas. As one of the world's top receivers of remittances, PSBC was looking for a banking partner to address the challenge of providing efficient and cost-effective remittances to beneficiaries across China's extensive geography.
Designed to enhance the process for large-scale remittance transactions, Money Transfer New Architecture (MTNA), Deutsche Bank's proprietary and highly sophisticated global payment platform, was introduced to PSBC to manage its US dollar and local remittances in a highly automated process. MTNA's built-in features offer customization which includes sophisticated reference matching, party search engine, full transparency and online payment status, allowing PSBC to reap the benefits of expedited processing, increased transaction accuracy and cost effectiveness.
Leveraging Deutsche Bank's established payment clearing channels and market leading global clearing systems allows PSBC to offer faster and simplified remittance cycles that, in turn, benefit retail customers. This also strengthens PSBC's presence both locally and abroad.
John Ball, Head of Cash Management - Financial Institutions for Asia Pacific, Deutsche Bank, adds, "Working with Postal Savings Bank of China offered us the opportunity to demonstrate our state-of-the-art and innovative cash management solutions. It is also reflective of the Bank's commitment to Postal Savings Bank of China, supporting its growth plans and enhancing its competitiveness in capturing the burgeoning retail market for direct remittances. This is another milestone for the Bank in the high volume industry of postal banking. "