Deutsche Bank, Bank Of China Link For Corporate Cash Management

In a first for the Bank of China, the financial institution has linked up with its first foreign bank for interbank cash management of a corporate client.

Reports on Tuesday (March 15) said Germany’s Deutsche Bank is collaborating with Bank of China, and the result of that partnership has gone live. The first corporation to benefit from the tie-up is Bosch China.

The two financial institutions first established a project team in the latter half of last year, according to reports. The two launched their co-hosted platform in January of this year to provide a centralized treasury management service for Bosch.

“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,” stated Deutsche Bank Managing Director and Head of Global Transaction Banking for Greater China Carl Wegner.

Reports said their partnership means Bosch can make both domestic and cross-border payments in its local RMB currency, as well as foreign currencies, all on a single banking platform.

“We are pleased to be the first to use this new platform jointly developed by Deutsche Bank and Bank of China,” said Bosch Head of Corporate Finance and Regional Treasury for APAC Christian Zeidler in a statement. “With a single access to all of our bank accounts, we can further maximize the efficiencies gained from Deutsche Bank’s ERP integration solution.”

Deutsche Bank has been operating across Asia for 30 years, according to reports. Its 2015 financial report found 14 percent year-on-year growth for the bank in Asia.