Bosch selects Deutsche Bank for China electronic RMB cross-border payments

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Deutsche Bank has set up an electronic enterprise resource planning (ERP) integration solution for the China foreign currency and renminbi (RMB) cross-border payments of German manufacturing giant Bosch.

Bosch is a leading global supplier of technology and services covering 150 countries, with more than 360 subsidiaries and regional companies located across 50 countries. The company’s operations are divided into four business sectors: automotive technology; industrial technology; consumer goods; and energy and building technology.

Deutsche Bank said that ERP integration enables Bosch to streamline its accounts payables (AP) processes in China by introducing electronic processing of physical documents and associated regulatory reporting.

During the implementation process, the company transferred and consolidated all of its foreign currency and RMB cross-border payments. Its associated regulatory reporting (e-BOP) information to Deutsche Bank is transmitted through electronic transfer of information directly from its ERP system, facilitating more timely, secure and accurate reporting and increased efficiencies with less time spent on manually filling out forms.

During the implementation process, the company transferred and consolidated all of its foreign currency and RMB cross-border payments. Its associated regulatory reporting (e-BOP) information to Deutsche Bank is transmitted through electronic transfer of information directly from its ERP system, facilitating more timely, secure and accurate reporting and increased efficiencies with less time spent on manually filling out forms.

“China is an important hub for the Bosch group and we are pleased to deepen our relationship with Deutsche Bank in this country,” said Christian Zeidler, head of corporate finance and regional treasury for Asia-Pacific (Apac) at Bosch.

“The automation of regulatory reports and electronic document transfer for our local AP processes helps to significantly reduce potential errors due to manual processing.”

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