Deutsche Bank technology to process dollar and Euro payments.
Agricultural Bank of China and Deutsche Bank signed a Memorandum of Understanding expanding their cash management relationship. AgBank will use Deutsche Bank's Asia accelerator solution to process its US dollar and Euro intra-Asia payments.
By using Deutsche Bank's solution, AgBank will expedite its retail and corporate clients' US dollar and Euro intra-Asia payments Asia Accelerator was developed to address inefficiencies in the settlement of Asia's US dollar and Euro-denominated payments as a result of the different clearing time zones.
The solution uses sophisticated algorithms and text-recognition technology to identify and prioritize intra-Asia US dollar and Euro payments, recycling and automatically directing available liquidity to active market participants.
AgBank provides financial services to 350 million clients through a network of 24,000 branches, sub-branches and outlets in China. It also has branches in the United States, South Korea, Hong Kong and Singapore.
Do you know more about this story? Contact us anonymously through this link.