OREANDA-NEWS. August 13, 2013. Agricultural Bank of China Limited (ABC) signed cooperation agreements on cash management with The Royal Bank of Scotland (China) Co., Ltd. and Sumitomo Mitsui Banking (China) Co., Ltd. respectively in Shanghai.

ABC and the two above-mentioned foreign banks agreed to promote businesses such as agency collection and payment and agency settlement at outlets, and explore global cooperation on cash management under the mode of SWIFT (Society for Worldwide Interbank Financial Telecommunications).

It is reported that ABC and the two banks will exchange back-stage data efficiently through direct connection of mainframes to meet the demand of “bringing in” one-stop experience of multinationals. The move will provide safe and convenient service channels for strengthening global cash management capability and therefore driving development of a number of businesses such as exchange.

The cooperation will create favorable opportunities and lay a solid foundation for ABC to market quality multinational customers and diversify channels of income from fee-based businesses. In addition, it will also improve its capability of global cash management and realize its strategic goal of “integrating into the international market and providing diversified products”.

The Royal Bank of Scotland is the second largest bank in UK, whose cash management has become its major target of developing wholesale business in China. Sumitomo Mitsui Banking Corporation is the third largest bank in Japan, enjoying great customer resources for retail businesses in China.