Bank of China New York and Deutsche Bank announced a new cash management relationship today that will offer better fee transparency for Bank of China New York’s customers that send money to U.S. recipients. Deutsche Bank’s Guaranteed US Plus solution will enable Bank of China New York to offer next-day value with no deductions on U.S. dollar payments sent to U.S. beneficiaries, according to a press release from Deutsche Bank.
Many international payments are impacted by deductions or fees that recipients have to pay out of the principal, leading to the recipient often getting less than the value of the payment.
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Deutsche Bank’s Guaranteed US Plus cross-border payments solution automates routing of high-value international payments to the ACH network, enabling recipients to get the full value of the payment the day after clearing. This means that with the Deutsche Bank solution, Bank of China New York can give its customers transparent fees and assurance that payments they send to U.S. recipients will be received in full, according to the release.
“Bank of China will become the first Chinese bank to utilize and benefit from our new service which is of growing importance as payment flows continue to increase between the U.S. and China,” Jeffre Bisig, Deutsche Bank’s North America head of cash management for financial institutions sales, said in the bank’s statement.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio