Deutsche Bank to launch paperless cross-border services in China

September 2, 2013  |  Asia, Digitalisation, Electronic Invoicing, Payment

Deutsche Bank announced the launch of paperless cross-border (payment) services in China as from 1 September 2013. With these services, corporates in China will be able to process their payments and foreign exchange transactions, as well as submit their supporting documents electronically directly via its electronic banking platform ? db-direct internet ?

With the Bank’s electronic banking platform, corporates can also benefit from a flexible authorisation set-up for electronic document delivery. Deutsche Bank’s streamlined paperless cross-border payment services via one single platform will enable its clients to centralise their foreign exchange management and significantly improve their operational processes.

On 10 July 2013, People’s Bank of China (PBOC) announced the simplification of Operating Procedures of Cross-border Renminbi Business, and the State Administration of Foreign Exchange (SAFE) announced new Foreign Exchange Management Measures for Service Trade on 18 July 2013, which will be effective on 1 September 2013. These regulatory changes have enabled banks to offer more efficient solutions to their clients for their cross-border payments from China.

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