Deutsche Bank has chosen Tieto to transform its Virtual Account services and offer new opportunities for corporate treasurers.
The German bank aims to enhance its cash management offering to benefit its corporate clients. It will leverage Tieto’s Virtual Account Management platform as a solution to integrate with its Cash, Trade and FX platform.
Vanessa Manning, Global Head Liquidity Products, Deutsche Bank, said: “At Deutsche Bank, we are focused on offering real-time, rules-based solutions for multi-currency liquidity, funding and risk management, which can be digitally configured and signed directly by our clients.”
Corporates expand virtual accounts
This comes as corporates have been expanding their use of virtual accounts to support highly complex operations. These include managing multi-currency liquidity, intercompany funding and interest and margin allocations in new workflows.
Ilkka Korkiakoski, Head of Payment Solutions, Tieto, said: “Our discussions with Deutsche Bank have made it clear that the bank is taking a holistic approach towards leveraging our VAM platform to address a much broader spectrum of treasury activities.
“By extending a Virtual Account structure to an in-house banking solution. We are excited to work with Deutsche Bank to further enhance and enrich our VAM solution into a market-leading offering.”
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Ole Matthiessen, Global Head of Cash Management, Deutsche Bank, said: “The partnership with Tieto allows us to deliver the entire range of cash, liquidity and FX products in a seamless manner to corporates via state-of-the-art technology – which, in turn, allows them to take yet more control of their treasury operations. Our aim is to roll out this capability to our first set of customers in the early part of 2020.”
Last month, Deutsche Bank took a 4.9% stake in fintech firm Deposit Solutions. The fintech powers the bank’s Zinsmarkt deposit service.
Through Zinsmarkt, clients of Deutsche Bank can gain access to fixed-term deposit products from other European banks offering higher interest.