Source: Deutsche Bank
Deutsche Bank has successfully completed the the pilot phase of its SwiftNet Cash Reporting product and is now offering it to its financial institution client base.
The bank's clients are able to use this offering for all accounts maintained with Deutsche Bank Germany, with future expansion to cover locations such as New York for US dollar clearing.
Based on Swift's InterAct messaging service, SwiftNet Cash Reporting allows bilateral real-time transmission of cash account balance and transaction information.
Benjamin Schulcz, senior product manager, GTB - Cash Management, Deutsche Bank, says: "During the pilot phase we received valuable feedback from our clients, which we translated into further product enhancements. For example, the bank decided to support both push and pull methodology, allowing clients to have the flexibility that they require - receiving information at regular pre-defined intervals or alternatively upon slef-initiated request."