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The PDS Transfer – RMB Transfer System (RTS) is a service for Participating Banks and their clients to send and receive RMB payments and transfers in real-time within the Philippines and to and from global payment systems.
Key Services
1. Domestic Transfers of RMB (CNH)
The RTS allows participant banks and their clients to effect real-time electronic transfers of RMB (CNH) through PDS Transfer and settling in Participant Bank RMB Settlement Accounts at Bank of China (BOC) Manila.
2. Inward – Outward Transfers of Offshore RMB (CNH)
The RTS provides facilities for inward and outward transfers of Offshore RMB, known as CNH, through PDS Transfer and settling in Participant Bank Settlement Accounts at BOC Manila and moving through BOC Hong Kong CNH accounts at HK CHATS.
3. Inward – Outward Transfers of Onshore RMB (CNY)
The RTS provides facilities for inward and outward transfers of Offshore RMB, known as CNY, through PDS Transfer and settling in Participant Bank Settlement Accounts at BOC Manila and moving through BOC Shanghai CNY accounts at China’s CNAPS.
Benefits
1. Improvement in efficiency
- Real-time RMB transfers between local banks
- Faster processing of cross border RMB trade payment
- Cost efficient, eliminates transfer charges from various intermediaries and manual processes
2. Optimization
- Optimal use of funds by Participant Banks and their clients for faster receipt of funds
- Reduction of friction cost of RMB trade payments that pass through USD
3. Convenience
- Implementation of standardized connections and message transfers
- Possibility of extended hours of service
- Familiarity of local banks with PDS systems