Deutsche Bank today announced that it is introducing a new remittance SMS advising solution as an extension of its global remittance services.
By the end of 2009, in certain remittance corridors, Deutsche Bank will be able to advise per SMS the beneficiary of awaiting funds in their local language. This capability will be available for all payment corridors by 2010. The ultimate beneficiaries will receive a convenient notification on their mobile as to how much they are receiving and where they can claim funds.
Deutsche Bank's remittance services links expatriate workers to family members back in their home country. Remittances are channelled from the originating into the disbursing countries via Deutsche Bank's globally structured partners as well as its close connection to the Eurogiro network of postal institutions. This extensive network in combination with the ability to disburse cash to the remittance receiver at Eurogiro's member's postal counters allow Deutsche Bank's financial institution clients to offer remittance services to their customers with minimal investment, using existing messaging infrastructures and a US dollar or euro account with Deutsche Bank. Building on the Eurogiro partnership, Deutsche Bank is further extending its payments service via the SMS mobile alert functionality.
Joanne Strobel, Vice President, Financial Institutions Markets, Global Transaction Banking said, "Many remittance beneficiaries do not maintain accounts, but actively use SMS. Our new service will be a useful tool for providing information about the remittance payment and will speed up the notification process as up until now beneficiaries have had to wait for phone advising."
Daniel Marovitz, Head of Product Management, Global Transaction Banking, adds, "SMS advising extends the choice between a variety of disbursing and advising methods, combining payment services with widely-used mobile technology. With little investment, financial institutions and their customers will benefit from this new channel for accessing remittance payment information."