AgBank enhancing cash management business

Deutsche Bank technology to process dollar and Euro payments.

Agricultural Bank of China and Deutsche Bank signed a Memorandum of Understanding expanding their cash management relationship. AgBank will use Deutsche Bank's Asia accelerator solution to process its US dollar and Euro intra-Asia payments.

By using Deutsche Bank's solution, AgBank will expedite its retail and corporate clients' US dollar and Euro intra-Asia payments Asia Accelerator was developed to address inefficiencies in the settlement of Asia's US dollar and Euro-denominated payments as a result of the different clearing time zones.

The solution uses sophisticated algorithms and text-recognition technology to identify and prioritize intra-Asia US dollar and Euro payments, recycling and automatically directing available liquidity to active market participants.

AgBank provides financial services to 350 million clients through a network of 24,000 branches, sub-branches and outlets in China. It also has branches in the United States, South Korea, Hong Kong and Singapore.