BoA launches new China receivables capability

Bank of America Global Treasury Services (GTS) has launched a new receivables platform aimed at boosting its China cash management capabilities. The China receivables services will offer clients a renminbi collections services from the end of the month.

The service offers paper and electronic capabilities as well as consolidated reporting and reconciliation methods. It also includes a local-language translation capability – a feature that has been a major challenge for accounts reconciliation reporting in the Chinese market. The bank will also translate the payer's name from Chinese language to Roman characters for clients whose systems do not support Chinese-language reporting.

“If our client's system does not recognise Chinese characters – and many don’t – they will for the first time be able to receive receivables information that has been translated in real time from Chinese to Roman characters by us,” said Kathy Sifer, BoA senior vice-president and regional head, Asia, GTS. “This cuts processing time significantly, and requires less resources, as previously clients needed to translate this information manually in-house, or contract others to translate the information for them, after processing by the Chinese banks.”