Deutsche Bank said that its global transaction banking division is extending the use of SWIFT’s 3SKey service, so corporate clients have a complete single token service for secure customer authentication on its Autobahn App Market.
The German bank’s electronic offering was launched in 2012 and provides direct online access to its various services in a single location.
SWIFT’s 3SKey is a multi-bank personal identity token using digital signatures and strong authentication. It can be used on any banking channel and allows corporates to securely log in to online banking applications and sign financial transactions sent to their banks using a single device.
SWIFT said that 3SKey is a response to the challenges faced by treasurers in working with a large number of banks, requiring them to deal with many different authentication methods and passwords to login and authorise orders for online banking transactions.
“We are increasingly seeing new entrants – including non-banks – at different stages of the wholesale banking value chain,” said Michael Spiegel, global head of trade finance and cash management corporates at Deutsche Bank. “Offering market leading solutions and improving the corporate client experience is therefore key.”
Morgan Stanley is moving staff to Frankfurt in time for the March 2019 Brexit deadline.
The US bank, which already has 350 employees based in the city, will transfer some trading activities currently undertaken in London and create a further 150 to 250 jobs according to reports.
BNP Paribas is the latest in a long line of financial service companies to be penalised for misconduct during the financial crisis on both sides of the Atlantic.
Late payments were experienced by 64% of companies in 2016, a recent Coface report found.