Banks launch payments and China-related initiatives

Major banks announce a series of innovations and developments at Sibos 2010.

It’s been a busy few weeks for Deutsche Bank’s China business. The German bank has announced that it is to broaden its multi-currency cash management cooperation with Agricultural Bank of China ABC, one of mainland China’s so-called “big four” banks.

A memorandum of understanding MoU was signed by the two banks at Sibos, the annual transaction banking conference organised by The Society for Worldwide Interbank Financial Telecommunication Swift held this week in Amsterdam. Under the terms of the MoU, Deutsche Bank’s existing payments and cash management collaboration with ABC will extend beyond Greater China to include global remittances to and from the mainland.    

ABC, the mainland’s first commercial...

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