SEB has received approval from the People’s Bank of China to become members of the China National Advanced Payment System (CNAPS).
“We are now able to offer competitive cash management services for client across China,” said Carl Christensson, head of SEB’s Shanghai branch.
SEB launched its local currency services in the second quarter 2009. Gradually the product offer has been expanded and SEB’s electronic cash management platform, C&I Online, was launched for local currency in the beginning of the year.
The recent approval to join CNAPS makes SEB’s cash management offer competitive. SEB is not only handling domestic payments and accounts but will also handle cash pools and other cash management solutions in the local currency renminbi (RMB).
“We are very happy to become members of national clearing and to offer a complete electronic banking solution in China. Along side our trade finance offer, the lending products, foreign currency exchange and other cash management products, we have a wide range of services to support our clients,” said Christensson.
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