Bank of China New York has agreed to use Deutsche Bank's new payments technology to process international payments to U.S. recipients.
Deutsche Bank's Guaranteed U.S. Plus system "results in greater pricing transparency for individual U.S. dollar payments entering the U.S.," Bank of China USA chief operating officer Shihui Wang said in a Monday press release.
Deutsche Bank's global transactions business developed the new system in order to facilitate transactions between foreign parties and U.S. recipients. It uses a routing infrastructure that connects payments sent by SWIFT the method typically used for international wire transfers with Automated Clearing House processing.
Bank of China New York is part of the Bank of China, one of the country's four major state-owned banks.