Deutsche Bank signs postal banking deal in China
Deutsche Bank recently announced a partnership with Postal Savings Bank of China (PSBC), the fifth largest bank in China by deposits, for the provision of payment clearing channels to manage US dollar clearing and remittances into China.
PSBC has more than 36,000 retail locations across China of which two-thirds are in rural areas. As one of the world’s top receivers of remittances, PSBC was looking for a banking partner to address the challenge of providing efficient and cost-effective remittances to beneficiaries across China’s extensive geography.
Deutsche is deploying Money Transfer New Architecture (MTNA), its proprietary global payment platform which is designed for large-scale remittance transactions and will manage US dollar and local remittances in a highly automated process.
“MTNA’s built-in features offer customization which includes sophisticated reference matching, party search engine, full transparency and online payment status, allowing PSBC to reap the benefits of expedited processing, increased transaction accuracy and cost effectiveness,” Deutsche said in a statement.
The partnership will enable PSBC to offer faster and simplified remittance cycles that, in turn, benefit retail customers. This also strengthens PSBC’s presence both locally and abroad.
John Ball, head of cash management for financial institutions in the Asia-Pacific at Deutsche, adds: “Working with Postal Savings Bank of China offered us the opportunity to demonstrate our state-of-the-art and innovative cash management solutions. It is also reflective of the bank’s commitment to Postal Savings Bank of China, supporting its growth plans and enhancing its competitiveness in capturing the burgeoning retail market for direct remittances. This is another milestone for the bank in the high-volume industry of postal banking.”
