Best transaction bank for domestic cash management 2021
China Merchants Bank
China Merchants Bank’s domestic cash management platform stands out in the country, thanks to the many innovations done since its launch more than a decade ago.
Cross Bank Solution (CBS), CMB’s cash management platform, has now been upgraded seven times to also include CBS mini, specifically designed for small and medium-sized enterprises.
One of the perks of CMB’s platform is that once companies connect their enterprise resource planning system – a software that most organizations use to manage their day-to-day business activities – to CBS, they can manage their accounts across different banks. That has saved companies time (since they no longer need to connect their system to each bank separately) as well as connection fees.
CMB charges about Rmb10,000 ($1,552) as an upfront connection fee and Rmb100 as an annual fee; companies do not need to pay to connect with other banks, some of which charge between Rmb100,000 to Rmb200,000 in such fees. So far, CMB’s cash management platform covers almost 150 banks in China.
On top of the cross-bank advantage, CMB added more services last year for different scenarios. For example, when it comes to the long-term reform of state-owned enterprises, the Chinese government has focused on employee stock ownership schemes over the past few years.