Deutsche Bank to offer paperless cross-border payment services in China

Deutsche Bank has announced it will launch paperless cross-border payment services in China via its electronic banking platform.

Deutsche Bank has announced it will launch paperless cross-border payment services in China via its electronic banking platform.
The platform ? db-direct internet ? will go live on 1 September 2013.

With these services, corporates in China will be able to process their payments and foreign exchange transactions, and directly submit their supporting documents electronically on the platform.

Deutsche Bank’s payment services platform will enable its clients to centralise their foreign exchange management and improve their operational processes.

On 10 July 2013, People’s Bank of China (PBOC) announced the simplification of Operating Procedures of Cross-border Renminbi Business, and China’s State Administration of Foreign Exchange (SAFE) announced new Foreign Exchange Management Measures for Service Trade on 18 July 2013, which will be effective on 1 September 2013. The new payment services platform will be launched in response to these regulatory changes.

Carl Wegner, Greater China head of global transaction banking at Deutsche Bank, said: "By leveraging the robustness and flexibility of db-direct internet, we are able to further simplify payment processes for our clients in China. We are committed to continuously finding ways to help our clients benefit from this type of changes, especially the ongoing internationalisation of the Renminbi, and to enhance their payment experience with Deutsche Bank."

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