Deutsche Bank and HCL Technologies have unveiled a strategic partnership to transform the bank’s global cheque processing operations. Under the terms of the agreement, HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank. The new IT-platform is expected to go live in 2019.
The new cloud-based IT-platform will enable Deutsche Bank to further reduce the complexity of its IT-landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Moreover, through advanced data analytics, the bank will enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.
“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”, said Shahrokh Moinian, Global Head of Cash Products, Global Transaction Banking of Deutsche Bank. “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 commoditized product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers.”
“This is a significant milestone in HCL’s long-standing partnership with Deutsche Bank,” said Rahul Singh, President, Financial Services at HCL Technologies. “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.”