Deutsche Bank digitises US cheque processing
02 October 2007 | 1607 views | 0
Source: Deutsche Bank
Deutsche Bank, a market leader in international US dollar cash letter services and a premier check provider globally, is one of the first banks to have fully moved its US check processing platform from paper to full image-based capabilities. This newly electronified offering is available to clients anywhere in the world and allows the Bank and its clients to realize further efficiencies as there is no longer a need to physically transport paper checks.
Utilizing this enhanced check processing platform, clients have various options for their US dollar check deposits. They can use remote capture by scanning items themselves, or leave their existing process unchanged but send physical items to Deutsche Bank's hub in Eschborn, Germany or any of its new Asian hubs, for capture by the Bank's staff and electronic transmission to New York.
Additionally, Deutsche Bank, the #1 euro clearer worldwide, is able to provide robust check services in the new single euro payments area (SEPA) environment. The SEPA initiative in Europe will not have harmonization of checks as a priority. Nonetheless, in order to help its clients deal with the intricacies of issuing and collecting checks in Europe, Deutsche Bank has created a complete set of check services, available to clients worldwide, that run on a separate workflow with a single point of contact. These services are complemented by Deutsche Bank's unique fraud prevention capabilities.
Andrew England, Head of Cash Management Product Management, Global Transaction Banking (GTB), Deutsche Bank, said, "Checks remain a constant in the changing treasury landscape and it is up to the leading treasury providers to come up with increasingly efficient ways to improve the processing of checks. We are looking to electronify this process and consolidate transport and processing on a more global scale. In developing a check processing solution targeted to handle all forms of payment in the age of SEPA, and by creating new hubs for remote capture in regions such as Asia which are known for greater check usage, Deutsche Bank is taking the complexity out of check processing for our clients."