Deutsche Bank has gone live with Swift’s new API-driven Instant Cash Reporting (ICR) tool for accessing real-time account and balance information with a single, standardised connection.
As part of Deutsche Bank’s expanding API capabilities, ICR delivers immediate, on-demand financial data access to corporate clients through the Swift infrastructure. Spain-based energy firm Iberdrola is first client to implement ICR in its treasury.
Through ICR the bank's clients can collect real-time account and balance data via a single access point using the ISO 20022 data model and secure JSON format.
Swift acts as the central connector, routing API pull requests from corporates to Deutsche Bank. Deutsche Bank responds with standardised account data in JSON format, tailored to the corporate’s selected accounts or full account set, based on the associated Swift BIC.
Johnny Grimes, head, corporate ash product, Deutsche Bank, says: “ICR addresses the key demand of corporates for multi bank solutions and consistent standards in the API space to simplify adoption.”
ICR is currently accessible to Swift-connected corporates and financial institutions. Deutsche Bank says it welcomes other banks and corporates joining initiative to support scaling up the usage of multi-bank API solutions.