Agricultural Bank of China expands payments deals with Deutsche
25 October 2010 | 2888 views | 0
Source: Deutsche Bank
Agricultural Bank of China (ABC), one of the "Big Four" banks in the People's Republic of China, and Deutsche Bank today announced the signing of a Memorandum of Understanding agreeing to broaden their multi-currency cash management cooperation.
Leveraging Deutsche Bank's successful collaboration with ABC within Greater China, this payments and cash management relationship will expand on a global basis to include remittances to and from China worldwide.
ABC is the first commercial bank in the People's Republic of China and provides financial services to over 350 million clients through an established network of more than 24,000 branches, sub-branches and outlets in China.
ABC will widen its usage of Deutsche Bank's state-of-the-art payment platform, Money Transfer New Architecture, providing ABC's clients with a competitively priced cross-border payments solution that is timely and flexible.
FX4Cash -- Deutsche Bank's global cross-currency payments platform -- will also be utilized by ABC as part of this expanded payments relationship. FX4Cash combines Deutsche Bank's global foreign exchange expertise with its leading cash management offering to provide global cross-currency payments solutions for financial institutions. Using FX4Cash, clients are able to make cross-currency payments in more than 120 currencies around the world.
Mr. Chen Shangyuan, Deputy General Manager of Operation Management Department, Agricultural Bank of China, said, "Building on our already strong collaboration with Deutsche Bank, we have decided to extend our payments and cash management relationship to span the globe. We look forward to increasing business as we leverage Deutsche Bank's strengths as a leading euro and US dollar provider worldwide. Additionally, FX4Cash will allow us to further grow our product suite using our extensive distribution."
John Ball, Asia Pacific Regional Head of Cash Management Financial Institutions, Global Transaction Banking, Deutsche Bank, said, "We are pleased to be able to take our relationship with Agricultural Bank of China to a global level. We are committed to supporting ABC with our established international network and a diversified range of payments and cash management solmment solutions as they increase the scope of our partnership and their offering."