RBS offers corporate multi-bank platform across China
The Royal Bank of Scotland has launched a new service that lets corporates manage up to 18 local Chinese bank accounts through a single global electronic banking platform.
The platform is connected to a network of more than 100,000 branches across China, which RBS claims is the most extensive coverage in the country.
Corporate treasurers using the system will not have to manage multiple e-banking platforms from different local Chinese banks on an individual basis. The ability to carry out third party account transaction reporting, payment initiation and automated cross-bank sweeping will give them improved cash visibility through a consolidated view of their cash positions at the various local banks.
The platform is integrated into RBS’s existing electronic banking platforms including Access Online, host-to-host channel Access Direct and Swift Corporate Access.
It supports standard payment formats including SAP, XML, and EDI, which means corporate treasury and ERP systems can use a standard file to generate payment instructions over their various bank accounts with local Chinese banks.
“The multi-bank solution brings an extended breadth of electronic banking services from various banks to the doorstep of our clients via a single global channel including balance and transaction reporting, payment initiation,” said Jonathan Jiang, head of RBS Global Transaction Services, China. “By providing clients with full visibility of their cash flow with local Chinese banks, we are able to offer automated cross bank cash sweeping that maximise returns on their aggregated deposit balances with RBS.”