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ABC NY Launched Online Direct FEDWIRE Processing

Agricultural Bank of China New York branch joined CHIPS on Oct. 21, 2013 and started the US Dollar clearing business as a direct participant for the first time. With the efforts of head office and the New York branch, the New York branch began online direct FEDWIRE processing on April 7, 2014. 

Before the launch of the US Dollar clearing business at Agricultural Bank of China New York Branch, all of the bank’s US Dollar transactions were cleared through correspondent banks.  Membership and connectivity to both CHIPS and FEDWIRE enable the New York Branch to independently run the clearing business, providing fast and comprehensive clearing for our clients. In addition, the New York Branch has acquired a leading clearing system in the US that allows for the real-time connectivity and processing with both US clearing systems, as well as providing a direct link to SWIFT. The two clearing teams in Beijing and New York have been working day and night independently to confirm the system works properly and meets all the clearing needs of our clients. Furthermore, the New York Branch has put forth a great effort to ensure the continuity of the operations throughout this time. All the efforts by these teams have ensured that the system has operated well and without interruption and the US Dollar Clearing team is well prepared for the growing US Dollar clearing business in the New York Branch.