Deutsche Bank delivers ERP integration for Bosch in China
Deutsche Bank has implemented an electronic enterprise resource planning (ERP) integration solution for Bosch’s foreign currency and renminbi (RMB) cross-border payments in China.
Headquartered in Germany, Bosch is a global supplier of technology and services. The company’s operations are divided into four business sectors – automotive technology, industrial technology, consumer goods, as well as energy and building technology. Bosch has a network of more than 360 subsidiaries and regional companies located across 50 countries.
Deutsche Bank’s ERP integration solution is designed to enable Bosch to streamline its accounts payables processes in China, introducing electronic processing of physical documents and the associated regulatory reporting.
During the implementation process, Bosch transferred and consolidated all of its foreign currency and RMB cross-border payments. Its associated regulatory reporting (e-BOP) information to Deutsche Bank is transmitted through electronic transfer of information directly from its ERP system. The integrated process has made reporting more timely, secure and accurate than previous processes allowed, and has increased efficiency with the reduction of time spent on manually filling out forms.
Christian Zeidler, head of Corporate Finance and Regional Treasury for APAC at Bosch, said, “China is an important hub for the Bosch group and we are pleased to deepen our relationship with Deutsche Bank in this country. Deutsche Bank’s e-solution has helped us to have even smoother workflows and address efficiency gains. The automation of regulatory reports and electronic document transfer for our local accounts payable processes helps to significantly reduce potential errors due to manual processing.”
Reported by Dan Barnes