Source: Deutsche Bank
Deutsche Bank, a market leader in international US dollar cash letter services, is one of the first banks to introduce digital capture of US dollar checks outside of the United States. This new remote deposit solution enables Deutsche Bank clients to reduce the time and cost of clearing funds and eliminates physical transportation risks such as loss, damage or delay.
With the reengineered check processing platform, clients worldwide have multiple options for their US dollar check deposits. They can take advantage of remote capture by scanning items themselves, or leave their existing process unchanged but send physical items to Deutsche Bank's hub in Eschborn, Germany, for capture by the Bank's staff and electronic transmission to New York. Both alternatives boost transportation efficiency.
George Stein, Head of Check Services, Global Transaction Banking (GTB) – Cash Management, Deutsche Bank, said, "The Bank's new USD platform sets the stage for realizing more efficiency in handling paperbased items. Electronification of checks lowers geographic hurdles and reduces the costs of physically transporting checks for clearing. From the clients' standpoint, they save transportation time and get rid of the worry that items might be lost, stolen, damaged or held up in customs."
Andrew England, Head of Product Management, GTB – Cash Management, Deutsche Bank, said, "This is a step in the right direction in dealing with the inherently inefficient process of managing paper instruments. In the modern payments space, successful providers will be the ones that use technology to achieve efficiency and ultimately improve their service for clients. Deutsche Bank remains focused on its core cash management services, such as check processing, and backs this commitment with investment in superior technology."