Siemens selects Deutsche Bank for receivables on behalf of in China
Deutsche Bank today announced that it has implemented a Receivables on Behalf Of solution for Siemens Financial Services in China, for both intra-group and third party cross-border receivables.
Deutsche Bank is a key banking partner of Siemens Financial Services for the centralisation of Siemens China’s payments and collections. The first phase of implementation took place in 2014 with Payments On Behalf Of services under the SAFE Foreign Currency Centralised Management Scheme, enabling Siemens to facilitate POBO transactions for close to 50 entities across China.
The arrangement has now been extended to include ROBO, leveraging the full potential of the SAFE Foreign Currency Centralised Management Scheme. The customised ROBO solution implemented for SFS also includes electronic submission capabilities for supporting documents and regulatory reporting, thereby helping the company to achieve significant cost savings not only from the centralisation itself, but also from the reduction of manual processes and paperwork.
Carl Wegner, Managing Director, Greater China Head of Global Transaction Banking at Deutsche Bank, said: “Siemens is one of the very first multinational companies to fully leverage SAFE’s Foreign Currency Centralised Management Scheme with this comprehensive POBO/ROBO solution. This clearly sets a benchmark for treasury operations in China, exemplifying how multinational companies can significantly benefit from new schemes and pilots in this fast-changing market.”
Eddy Henning, Managing Director, Head of MNC Coverage APAC at Deutsche Bank, added: “We are pleased to have been able to work together with Siemens to develop and implement this highly customised POBO/ROBO solution, which should result in significant cost savings and additional operational efficiencies for the company.“
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