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.”
The London listing, described as a “vote of confidence” in the UK financial centre post-Brexit, replaces the bank’s old listing on the Athens Stock Exchange.
The testing phase comes ahead of November’s scheduled go-live of the pan-European instant payment infrastructure platform.
The final settlement with the US Justice Department to settle litigation related to mortgage-backed securities sales compares with the US$14bn mooted last September.
The industry needs to digitise its core businesses, cuts costs and create increased shareholder value, concludes a report from Oliver Wyman.