Deutsche Bank is to migrate its labour intensive cheque processing operations to a digital, cloud-based platform run by India's HCL technologies.
Set to go live in 2019, the new paperless platform will not only improve straight-through processing rates it will also generate data on business flows and working capital for onward use by the German bank's corporate and institutional clients.
“While cheques are still widely used around the world, the volumes across the industry are falling and processing them remains a labour intensive, highly manual task,” says Shahrokh Moinian, gGlobal head of cash products, Global Transaction Banking of Deutsche Bank. “This strategic partnership is a great example where we are proactively responding to client needs and changing industry dynamics. We are turning a challenge of a commoditised product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers.”
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