Citibank China has unveiled a paperless processing solution for renminbi (RMB) cross-border settlement.
The solution from Citibank follows a series of measures aimed at simplifying the cross border RMB settlement process announced by the People’s Bank of China (PBoC).
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By connecting Citi’s electronic banking solution to the Balance of Payment Declaration (BOP) system operated by the State Administration of Foreign Exchange (SAFE), transactions can be completed entirely electronically, resulting in a reduction of manual error, processing cost and risk.
Clients benefit from significant efficiency gains as documents associated with a cross border renminbi transaction can now be transferred electronically to Citi.
In addition, multinational companies and large local corporates will now be able to centralize cross border settlements through their shared service centres.
Yigen Pei, head of treasury and trade solutions for Citi China, said, "We are delighted to partner with SUPOR to provide this innovative solution. As a leading global transaction bank, Citi China is proactively spearheading efforts to drive innovation around transaction service models.
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By GlobalData"The e-solution enables Citi to expand our service scope in China, makes it easier and efficient for companies to use RMB as a cross border trading currency, and therefore help to promote and facilitate renminbi globalization."
