Deutsche Bank and Bank of China today announced the implementation of an interbank host-to-host platform between the two banks to provide cash management services to Bosch China.
With this solution, Deutsche Bank has become the first foreign bank in China to establish host-to-host connectivity with Bank of China, with Bosch being the first corporate to benefit from this partnership.
To meet Bosch’s banking needs and improve its cash management service experience, Deutsche Bank and Bank of China set up a project team in September 2015. Through more than three months of close cooperation and effort contributed by all parties concerned, the host-to-host platform was officially launched in January 2016.
An increasing number of multinational companies are adopting centralised treasury management models. Tools such as interbank host-to-host platforms can help to optimise these models by linking two banks and enabling them to receive and transmit messages in an agreed protocol and format. As a result, corporates can more easily manage multibank accounts with the streamlined process and have greater visibility of their overall cash positions.
The host-to-host connectivity enables Bosch to execute domestic and cross-border payments in both RMB and foreign currencies, and make account balance and transaction inquiries, whilst maintaining only one internet banking platform.
Christian Zeidler, Head of Corporate Finance and Regional Treasury for APAC at Bosch, said: “We are pleased to be the first to use this new platform jointly developed by Deutsche Bank and Bank of China. With a single access to all of our bank accounts, we can further maximise the efficiencies gained from Deutsche Bank’s ERP integration solution.”
Carl Wegner, Managing Director, Head of Global Transaction Banking, Greater China at Deutsche Bank, said: “The successful launch of this host-to-host platform marks a new milestone in Bank of China and Deutsche Bank’s cooperation in cash management services. We are also proud to deepen our relationship with Bosch in China. This accomplishment further demonstrates our client-centric approach.”
Deutsche Bank’s revenues in Asia grew by 14% year-on-year in 2015, with all businesses growing at double digit percentages. The Bank has been in the region for 30 years. Its international presence combined with its strong network help its home market as German companies continue to expand in Asia.