MTNA will be completed by the middle of 2005, paving the way for the bank to provide a common platform across the US dollar, euro and British pound. This will maximise Deutsche Bank’s position in major currency clearing. It is the No.1 Euro clearer (through RTGS+/TARGET and EBA), the No.4 US dollar clearer (through CHIPS) and the No.7 British pound clearer (through CHAPS).

Norbert Wanninger, head of Global Cash Management at Deutsche Bank, says: "The introduction of MTNA is a natural step in the evolution of our products’ scope as it will offer another conduit for us to provide a single payments distribution footprint that is truly global."

MTNA is built around one system running in several sites around the globe and the bank says it offers clients – both financial institutions and corporates – the benefits of product parity and consistent service levels regardless of currency, clearing system or location.

MTNA will offer features such as artificial intelligence capabilities supported by the latest learning software to automatically perform repetitive repairs, real-time straight-through processing performance metrics, and conditional payment triggers.

It is based on a multi-tiered component based architecture to support strategic initiatives, including the full multi-entity functionality required to undertake in-sourcing or white label processing.

Deutsche Bank has also recently launched db-cheque, a multi-currency, multi-local format draft issuance service out of Europe, complementing existing offerings in the US and Asia. Concurrently, the Bank’s European Priority Remittance Service, an industry-leading cheque clearing service, has been broadened to include 10 newly admitted European Union (EU) member countries. The service now enables clients throughout the EU to establish one account with Deutsche Bank from which to manage cheque clearing.