Bank of China New York signs Memorandum of Understanding with Deutsche Bank to Expand Clearing Service Cooperation
Bank of China New York and Deutsche Bank today signed a Memorandum of Understanding expanding their cash management relationship by utilizing Deutsche Bank’s new Guaranteed US Plus solution to process Bank of China New York’s international USD payments to US beneficiaries.
Guaranteed US Plus was developed by Deutsche Bank’s Global Transaction Banking business to create a more efficient way for US beneficiaries of cross-border USD payments, and their foreign counterparts, to transact. Leveraging the long-standing partnership between Bank of China New York and Deutsche Bank, functionality was adapted by both providers to achieve a new milestone of broadened payment capabilities. This service will provide Bank of China New York with the benefit of payment principal preservation and end-to-end pricing transparency, which can in turn be passed along to its own customers.
Bank of China is a leading Chinese bank and provides a full range of financial services globally. The New York branch, which opened for business in 1981, provides commercial banking services including corporate banking, personal banking, USD clearing, custody and financial markets solutions.
Shihui Wang, Executive Vice President and Chief Operating Officer at Bank of China USA said, “We chose to expand our existing cash management relationship with Deutsche Bank to provide our clients with this unique service that results in greater pricing transparency for individual USD payments entering the US. Looking forward, there are many opportunities where we can work together to provide the best value for our clients. ”
“We are pleased to extend this value proposition to Bank of China allowing them to support their expanding client franchise,” said Jeffrey Bisig, North America Head of Cash Management for Financial Institutions Sales, Deutsche Bank. “Bank of China will become the first Chinese bank to utilize and benefit from our new service which is of growing importance as payment flows continue to increase between the US and China.”
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