Bank of China New York and Deutsche Bank to expand clearing service cooperation

Bank of China New York and Deutsche Bank have signed a Memorandum of Understanding expanding their cash management relationship by using the Guaranteed US Plus solution to process international USD payments.

Guaranteed US Plus was developed by Deutsche Bank’s Global Transaction Banking business to create away for US beneficiaries of cross-border USD payments, and their foreign counterparts, to make transactions.

Shihui Wang, Executive Vice President and Chief Operating Officer at Bank of China USA said, “We chose to expand our existing cash management relationship with Deutsche Bank to provide our clients with this unique service that results in greater pricing transparency for individual USD payments entering the US. Looking forward, there are many opportunities where we can work together to provide the best value for our clients.”

“We are pleased to extend this value proposition to Bank of China allowing them to support their expanding client franchise,” said Jeffrey Bisig, North America Head of Cash Management for Financial Institutions Sales, Deutsche Bank. “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 US and China.”

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