Deutche wins Chinese banks for payments platform

The Agricultural Bank of China, China Merchants Bank and China Minsheng Banking Corp will use Deutsche Bank’s payment technology.

The three Chinese banks have signed payments services agreements with Deutsche, a report in American Banker said.

ABC, the first commercial bank to operate in the People’s Republic, will use Deutsche’s multi-currency cross-border payment services to support trade and payment volumes. The system will incorporate Deutsche's multi-currency payment platform, Money Transfer New Architecture (MTNA), to provide ABC's clients with a cross-border payment system. In addition, ABC will access Deutsche Bank's network coverage in China, Hong Kong and Taiwan.

Deutsche has also signed two new FX4Cash clients in China. China Merchants Bank is using the system to offer its clients one base-currency account, and will allow payments in more than 120 local currencies via wire, check and ACH. And China Minsheng Banking Corp. will use the product as part of an extended range of wholesale payment services to corporate clients.