Deutsche Bank and Bank of China partner for cash management
Deutsche Bank has become the first foreign bank in China to establish host-to-host connectivity with Bank of China, as part of the project to deliver international cash management (ICM) services to corporate clients.
The two banks have implemented an interbank host-to-host platform, with the first customer – Bosch China – already on-board.
The project commenced last autumn and the two banks built the solution together. The new ICM platform was officially unveiled earlier this year. It enables Bosch to make domestic and international payments in local currency (RMB) as well as foreign ones, and make various transaction and account balance enquiries – all on one internet banking platform.
With the new platform in place, Deutsche Bank and Bank of China can exchange messages in an agreed format, thus offering a better solution to its corporate clients that the standard partner banking arrangement based on service level agreements (SLAs).