Bank of China (BOC) New York and Deutsche Bank (DBK) have announced a partnership over international payments to US recipients.
BOC will use DBK’s new payments technology ‘Guaranteed US Plus’ to process transactions between foreign parties and US beneficiaries.
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DBK’s system uses a routing infrastructure that connects payments sent by SWIFT – the method typically used for international wire transfers – with Automated Clearing House processing.
"It results in greater pricing transparency for individual US dollar payments entering the US," said Shihui Wang, chief operating officer at Bank of China USA.
Jeffrey Bisig, head of cash management at Deutsche Bank USA, added: "We are pleased to extend this value proposition to Bank of China allowing them to support their expanding client franchise.
"BOC will become the first Chinese bank to utilise 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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By GlobalDataBOC is one of China’s four major state-owned banks. Its New York branch opened in 1981 and provides commercial banking services including corporate banking, personal banking, USD clearing, custody and financial markets solutions.
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