China Merchants Bank 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 China Merchants Bank’s US dollar and euro intra-Asia payments.
By using Deutsche Bank’s solution, China Merchants Bank 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 optimize 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 time zones.
China Merchants Bank is one of Mainland China’s top-ranking commercial banks. As of December 2013, the Bank had 113 branches and 934 sub-branches in 110 cities. In recent years, China Merchants Bank has also been expanding overseas, with wholly-owned subsidiaries in Hong Kong, as well as branches in Hong Kong, New York, Singapore and representative offices in London and Taipei.
Xia Jinqing, Head of Financial Institutions Department at China Merchants Bank, said, “We are delighted to expand our relationship with Deutsche Bank. By using Deutsche Bank’s Asia Accelerator, we will be able to further enhance our cash management services globally. With this solution, our clients will see the direct benefits with faster and more efficient intra-Asia payments. We look forward to continuing to work with Deutsche Bank.”
Nancy So, Asia Pacific Head of Institutional Cash Sales, Global Transaction Banking at Deutsche Bank, added, “Deutsche Bank is committed to providing its clients with innovative solutions. Most of our existing clients already use Asia Accelerator and we continue to see great interest from other financial institutions across the region. We are pleased to partner with China Merchants Bank to expand our clearing relationship through this liquidity enhancement solution specifically designed for intra-Asia payments.”