Agricultural Bank of China (ABC) and Deutsche Bank today announced the signing of a Memorandum of Understanding (MOU) expanding their cash management relationship by leveraging Deutsche Bank's Asia Accelerator solution to process ABC's US dollar and Euro intra-Asia payments.
ABC 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 also has branches in the United States, South Korea, Hong Kong and Singapore.
By using Deutsche Bank's solution, ABC will be able to expedite its retail and corporate clients' US dollar and Euro intra-Asia payments by ensuring real-time regional settlement via Deutsche Bank's automated payment platform, streamline its operational processes, as well as consolidate and optimise its liquidity.
Asia Accelerator leverages Deutsche Bank's long-standing experience in delivering client-centric solutions. It was developed to address the inefficiencies in the settlement of Asia's high volume of US dollar and Euro-denominated payments as a result of the different clearing timezones. The solution uses sophisticated algorithms and text-recognition technology to identify and prioritise intra-Asia US dollar and Euro payments, recycling and automatically directing available liquidity to active market participants.
In commenting on this MOU, Mr. Yongning Luo, General Manager of Operation Management Department at Agricultural Bank of China, said: "We are delighted to expand our long-standing relationship with Deutsche Bank. Asia Accelerator will enable us to provide our corporate and retail clients with highly efficient US dollar and Euro payment services. Deutsche Bank is a market leader in multi-currency cash management, which was a contributing factor in our decision to use this solution."
Nancy So, Asia Pacific Head of Cash Management Financial Institutions Sales, Global Transaction Banking at Deutsche Bank, added: "With the virtual regional clearing that Deutsche Bank's Asia Accelerator solution provides, Agricultural Bank of China is now able to benefit from faster and more efficient intra-Asia payments, and to take its business ahead of the curve. We remain committed to supporting Agricultural Bank of China''s cash management needs."