Deutsche Bank has announced that it is extending its range of services corresponding to the needs of financial institutions’ treasury, nostro funding and intraday cash management units.
With its new Treasurer Services, Deutsche Bank has extended its internet-based portal, db direct internet, via a single monitoring screen, to offer real time balances, pending transaction queues and immediate in-house funding transfer initiation. The new service is designed to help treasurers better manage their outbound payment volumes channelled via nostro accounts with the bank.
In order to optimise receivables management of treasury flows, the existing Advise to Receipts Matching Service of Deutsche Bank, available via SWIFT MT210, has also been extended via a web based service in db direct internet, offering treasurers on-screen capturing of Advices and making matching reports available on the same screen.
In addition, Deutsche Bank’s product suite of liquidity solutions, offering vostro account credit interest agreements, dedicated overnight investment accounts and short-term investment options for excess liquidity have also been enhanced by automated investment services with risk diversification features, investing in high quality short-term debt and money market instruments and counterparts.
In terms of new business, Deutsche Bank has also announced that it has been selected by the Bank of China Group to provide wholesale banking services in Asia. These wholesale banking services leverage Deutsche Bank’s cash management product suite, including the award-winning web-based electronic banking platform, db direct internet, and SWIFT-based messaging, to provide global solutions to their significant corporate client base in 12 countries across Asia beyond the remit of China and Hong Kong.
Bank of China, which operates a network of 10000 domestic operations and over 600 overseas operations, was looking for a pan-Asian cash management solution for its premier corporate and financial institution clients. The wholesale banking solution will give Bank of China access to Deutsche Bank’s global wholesale banking franchise in the Asian region.
Finally, for Chinese migrant workers in Russia, Deutsche Bank has announced that it is extending its remittance services for this group. In doing so, it has teamed up with several partners in China including the Postal Savings Bank of China to provide reach to family members in the world’s second largest remittance receiving nation. According to the World Bank, China received an estimated US$34.5bn in remittance payments from overseas workers in 2008, making it the second largest remittance receiving country after India (US$45bn in 2008).
To accommodate the large Chinese population earning their living in Russia, Deutsche Bank offers what it describes as an expedient and cost effective remittance corridor solution with a well-known remittance service provider in Russia. “Our partner enjoys a 30% market share of remittances into Russia, and provides reach at approximately 11,000 outlets throughout Russia and the CIS countries,” said Harold Young, global head of payments, Global Transaction Banking, at Deutsche Bank. He added: “They were looking for a solution into China to meet the demands of their Chinese clientele, transferring remittance payments to family and friends throughout China expediently and efficiently at a transparent price.”
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