Deutsche Bank today announced that it will launch paperless cross-border payment services in China via its electronic banking platform − db-direct internet − on 1 September 2013.
With these services, corporates in China will be able to process their payments and foreign exchange transactions, as well as submit their supporting documents electronically directly on db-direct internet when necessary.
With the Bank's electronic banking platform, corporates can also benefit from a flexible authorisation set-up for electronic document delivery. Deutsche Bank's streamlined paperless cross-border payment services via one single platform will enable its clients to centralise their foreign exchange management and significantly improve their operational processes.
On 10 July 2013, People's Bank of China (PBOC) announced the simplification of Operating Procedures of Cross-border Renminbi Business, and the State Administration of Foreign Exchange (SAFE) announced new Foreign Exchange Management Measures for Service Trade on 18 July 2013, which will be effective on 1 September 2013. These regulatory changes have enabled banks to offer more efficient solutions to their clients for their cross-border payments from China.
Carl Wegner, Greater China Head of Global Transaction Banking at Deutsche Bank, said: "We are proud to launch paperless cross-border payment services in China via one single platform, in response to the recent regulatory changes from PBOC and SAFE. By leveraging the robustness and flexibility of db-direct internet, we are able to further simplify payment processes for our clients in China. We are committed to continuously finding ways to help our clients benefit from this type of changes, especially the ongoing internationalisation of the Renminbi, and to enhance their payment experience with Deutsche Bank."