Deutsche Bank and Bank of China have implemented an interbank host-to-host (H2H) platform to provide cash management services to Bosch China. The German engineering group has had a presence since 1909 in China, where 53,000 of its 375,000 worldwide employees are based
With the launch, Deutsche Bank becomes the first foreign bank in China to establish H2H connectivity with Bank of China. Bosch, the first company to use the platform, will be able to execute domestic and cross-border payments in both renminbi (RMB) and foreign currencies, and make account balance and transaction inquiries, whilst maintaining one internet banking platform.
Deutsche Bank and Bank of China set up a project team last September, with the aim of meeting Bosch’s banking needs and improving its cash management service and the H2H platform was officially launched in January this year.
The new platform enables the two banks to exchange messages in an agreed format and offer a better solution to corporate clients than the standard partner banking arrangement based on service level agreements (SLAs).
“The successful launch of this H2H platform marks a new milestone in Bank of China and Deutsche Bank’s cooperation in cash management services,” said Carl Wegner, managing director, head of global transaction banking, Greater China at Deutsche Bank. “We are also proud to deepen our relationship with Bosch in China. This accomplishment further demonstrates our client-centric approach.”
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“Corporate treasurers around the world are getting a better cross-border payments experience today,” announced the financial messaging services provider.
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