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Deutsche Bank expands remittance offering

26 October 2010  |  3454 views  |  0 Source: Deutsche Bank

Deutsche Bank today announced the broadening of its offering for remittances in response to growing demand from its global clients for remittance solutions to and from emerging economies.

Deutsche Bank's Global Transaction Banking division is launching four new corridors for its remittance service portfolio: Korea, Philippines, Poland and Turkey, all of which are fast expanding markets. These new countries complement the Bank's existing corridors, which include Brazil, China, India, Russia and Vietnam.

Deutsche Bank's remittance service portfolio, targeted at its financial institution clients, leverages the Bank's global capabilities, complemented by key partners, including Eurogiro and their network comprising many of the world's postal agencies and postal banks.

Key to Deutsche Bank's offering is the ability to advise remittance payments via SMS text messaging - in local language. This new technology delivers fast, effective and tailored information directly to beneficiaries and/or remitters. .

As an additional, optional component, Deutsche Bank's remittance service can enable financial institutions to incorporate web technology under their own branding to attract the remittance sending population in the world's largest remittance sending country, the United States. This solution empowers financial institution clients in remittance receiving countries to efficiently and effectively market their own retail remittance service.

Paul Camp, Global Head of Cash Management Financial Institutions at Deutsche Bank, said: "Expansion of our capabilities to include these four key countries is part of the ongoing development of our remittance offering. The demand for remittance disbursement is rapidly growing. Remittance capabilities are becoming an anchor product for our financial institution clients when they position products to their own retail banking customers. Our objective is to enable our clients to capture market share and further cement their own client relationships."

Joanne Strobel of Global Remittance Payments Product Management at Deutsche Bank commented: "Deutsche Bank has produced a remittance soaance solution that offers clients the latest in technology. Clients can benefit from SMS text advising, which provides a highly-efficient and innovative way to inform the beneficiary that they have received a remittance payment, whether via cash or account credit. This enables our financial institution clients to differentiate their service offering and attract new retail remittance clients."

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