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Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
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Becca L
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Becca L,
User Rank: Author
4/27/2014 | 9:30:31 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
I had no idea this was such an issue. It seems any stride in this area can have a big impact on the industry. Interested to see DB's progress down the road.
Abdul Jaludi
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Abdul Jaludi,
User Rank: Apprentice
4/21/2014 | 3:57:07 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
Smart move by DB. Providing Bank of China customers a needed service at the best prices pretty much ensures DB is first in line for future offerings.
Chip Wickenden
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Chip Wickenden,
User Rank: Apprentice
4/21/2014 | 2:42:07 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
I agree completely. If DB is successful, and the value proposition would tend to say that they will be, this is an early step in a significant change to the way cross border business will get done. Worth watching.
KBurger
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KBurger,
User Rank: Strategist
4/16/2014 | 8:50:44 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
That is very true. This isn't exactly the same thing, but I just read an article in the Financial Times that people in Africa essentially pay a "remittance tax" of almost $2 billion/year because of the higher-than-average cost of sending money there. That's partly becasue 2 companies (Western Union and MoneyGram) dominate the business, according to the Overseas Development Institute. Not quite the same as SWIFT payments, but shows how much room for improvement there is still in the payments system.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
4/16/2014 | 7:49:22 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
The speed of delivery of the payment is also important to note. I think that international payments are an area where the customer experience is so poor that it would be easy for a new player to enter the market and take customers away if it can provide better speed and price. Deutsche seems to be getting ahead of the curve on that.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
4/16/2014 | 7:46:32 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
Absolutely Chip. Many people aren't aware of all of the friction in cross-border payments because they don't send money internationally. But it's a huge hangup in improving global commerce and is also a step in the right direction in terms of banks being more transparent about their fees.
Chip Wickenden
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Chip Wickenden,
User Rank: Apprentice
4/15/2014 | 6:03:28 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
This is a very interesting development; especially as it matures bilaterally between China and the U.S. and as it moves outward to include more countries and currencies. It has the potential to remove a great deal of friction from global commerce.
KBurger
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KBurger,
User Rank: Strategist
4/15/2014 | 4:41:37 PM
re: Bank of China NY Signs On To Deutsche Bank’s Cross-Border Clearing Service
The transparency theme is interesting here and it reflects not just the needs of the Bank of China, but also the expectations of corporate customers (regardless of where they are based) that they are getting the best prices and most competitive services from their banks.


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