Increase cross-border STP rate and strengthen product competitiveness
China Minsheng Banking Corporation Limited (“China Minsheng Bank”, or “the Bank”) was formally established in Beijing on 12 January 1996. It is China’s first national joint-stock commercial bank initiated and founded mainly by non-state-owned enterprises (“NSOEs”). Minsheng Bank is deeply engaged in cross-border finance, providing a one-stop solution according to customers' international business requirements, meeting customers' financial needs in international settlement, capital appreciation, exchange rate hedging, trade financing, international credit and other aspects, and providing customers with comprehensive and customized cross-border financial services.
In 2021, Minsheng Bank, in cooperation with SWIFT and USD corresponding banks, launched " Minsheng Global Express GPI - Full Payment Service", which achieves "end-to-end" full payment, effectively solving the pain points of cross-border remittance in full payment for customers in the past decades, and is the first bank in the Asia Pacific region to launch the full payment function online.
In order to ensure customers' demand for full payment, Minsheng Bank uses multiple types of clearing systems in the United States to execute payment instructions through cooperative account banks. However, in view of the special requirements of different clearing systems for clearing codes, Minsheng Bank and its customers are often unable to accurately retrieve and supply the clearing codes, which may result in the account bank being unable to accurately secure the remittance path, which poses a great challenge to the customer experience and promotion of Minsheng Bank's full payment arrival products.
Minsheng Bank has chosen LexisNexis® Bankers Almanac® Global Payments Resource. The solution provides the latest financial institution data and payment routing information for more than twenty thousand financial institutions around the world, which helps to save the time of manual searching and reduces related costs caused by wrong payment information. LexisNexis® Bankers Almanac® Global Payments Resource online tool solution enables users to verify and supplement payment data to improve the accuracy of payment.
Download our case study to learn more about how LexisNexis Risk Solutions helps Minsheng Bank increase cross-border STP rate and strengthen the market competitiveness of its cross-border remittance products.
