Published April 18, 2018
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Date: April 18, 2018
Categories: fi, Financial Technology, Payments, Retail Payments, Technology, technology
Keywords: Deutsche Bank, Payments
Deutsche Bank has significantly improved payments for its clients by investing in IT and cooperating with SWIFT.
“International payments are executed faster, more securely, and with more transparency. This significantly eases the burden on company finance departments in particular.” This was the interim assessment of Michael Spiegel, Head of Cash Management at Deutsche Bank. For the first time, clients can obtain real-time information on the status of their payments.
Since November 2017, Deutsche Bank has been using “SWIFT gpi Service” for international payments, for example from Germany and the USA. Deutsche Bank currently settles around ten percent of these transactions worldwide.
Current data highlights the benefits for the bank’s clients: Deutsche Bank executes some 90 percent of all gpi payments in less than 24 hours and nearly half of all payments in under 30 minutes, for example US dollar payments from Shanghai to Sydney. Some payments are even executed in less than one minute, e.g. US dollar transfers from the US to the UK or Germany.
Re-disseminated by The Asian Banker