International money transfer system UNIStream and one of the major world banks Deutsche Bank have launched a joint international project allowing customers to replenish accounts with the largest China banks through the system’s operational outlets.
The service can be described as follows - a customer bringing money to the UNIStream outlet provides details of an account with the China bank required for a wire transfer to an operator. Having obtained the data the operator initiates the relevant wire transfer which on the international level is carried out by Deutsche Bank as correspondent bank.
It is planned to involve altogether 12 most important PRC banks including such giants as ICBC and BANK OF CHINA. Deutsche Bank has correspondent relations with all these banks which made it possible to launch this project. The number of such banks’ offices in China exceeds 30,000.
As UNIStream executives believe this service is timely because people’s need in such services grows. The reason for this is the expansion of economic relations between Russian and PRC and the reinforcement of the status of the said country’s economy in CIS and the whole world. The project is extremely popular among the customers.
It also turned out to be an important step in the Asia and Europe financial institutions integration as it exploits the potential of one of the major world banks Deutsche Bank and one of the leaders of money transfer market in CIS.
“We actively develop the whole range of products related to paying for services, customers repaying bank loans, wire transfers and many other matters. Considering the level of our partner this project is unprecedented, extremely important for the market and serves an example of two international financial institutions integration”, said UNIStream CEO Souren Hayriyan.
“We are very optimistic with regard to collaborating with one of the leading money transfer services provider in Russia and CIS. This partnership is mutually beneficial for both Deutsche Bank and UNIStream, indicating a new level of money transfers to China, the world second largest market as to the volume of incoming transfers”, said Tim Fyfe, Director of Deutsche Bank Russia and CIS Financial Institutions Clearing and Settlement Services Department.
Mr. Hayriyan underlined that under such market conditions customer appeal of the system depends mainly on the quality of the rendered services and the scope of offered products is one of the important factors related to this matter.
“Nowadays when charge rates in the market have leveled off the customer focuses especially on the level of system network development which includes neighbourhood location criterion and the set of additional services rendered by this or that provider”, said Mr. Hayriyan.
He noted that this year UNIStream ending 2009 with 190,000 outlets around the world including terminals intends to dramatically accelerate its policy in terms of product range development further integrating into the e-payment sector.