Scheduled to be introduced from 1 September 2013, the new service will allow Chinese firms to process their payments and foreign exchange transactions, as well as submit supporting documents electronically directly on db-direct internet.
The lender said that its electronic banking platform will also facilitate a flexible authorization system for electronic document delivery for the Chinese companies.
On 10 July 2013, People’s Bank of China (PBOC) introduced the simplification of operating procedures of cross-border renminbi business, while the new foreign exchange management measures for service trade will be effective from 1 September 2013.
Both regulatory measures have allowed the lenders to provide more efficient services to their clients for cross-border payments from China.
Commenting on the new payment initiative, Deutsche Bank global transaction banking China head Carl Wegner said the company has introduced paperless cross-border payment services in China through one single platform, following the recent regulatory changes.
"We are committed to continuously finding ways to help our clients benefit from this type of changes, especially the ongoing internationalisation of the Renminbi, and to enhance their payment experience with Deutsche Bank," Wegner added.
Founded in 1870, Deutsche Bank has a workforce of 78,000 employees, in more than 70 nations across the globe and offers banking and wealth management services, among others.
