Deutsche Bank has partnered with Indian firm HCL Technologies in a bid to transform its global cheque processing operations.
Under the partnership, HCL will develop a cloud-based digital and fully scalable cheque processing platform for the German lender. The platform is expected to be rolled out next year.
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It will be designed to enable Deutsche Bank reduce costs and streamline cheques processing capabilities.
HCL Financial Services president Rahul Singh said: “While banking is becoming increasingly digitised, processing cheques is still a paper-based process.
“HCL will leverage its engineering capabilities to build a digital, cloud-based, paperless platform which enables Deutsche Bank and other banks to benefit from efficiencies and deliver value-added services to their customers.”
Furthermore, the bank’s corporate and institutional clients can use data generated out of the platform to manage their business flows and working capital.
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By GlobalDataDeutsche Bank Global Transaction Banking global head of cash products Shahrokh Moinian said: “While cheques are still widely used around the world, the volumes across the industry are falling and processing them remains a labour intensive, highly manual task.
“This strategic partnership is a great example where we are proactively responding to client needs and changing industry dynamics.
“We are turning a challenge of a commoditised product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers.”
