Deutsche Bank has partnered with Indian firm HCL Technologies in a bid to transform its global cheque processing operations.
Under the partnership, HCL will develop a cloud-based digital and fully scalable cheque processing platform for the German lender. The platform is expected to be rolled out next year.
It will be designed to enable Deutsche Bank reduce costs and streamline cheques processing capabilities.
HCL Financial Services president Rahul Singh said: “While banking is becoming increasingly digitised, processing cheques is still a paper-based process.
“HCL will leverage its engineering capabilities to build a digital, cloud-based, paperless platform which enables Deutsche Bank and other banks to benefit from efficiencies and deliver value-added services to their customers.”
Furthermore, the bank’s corporate and institutional clients can use data generated out of the platform to manage their business flows and working capital.
Deutsche Bank Global Transaction Banking global head of cash products Shahrokh Moinian said: “While cheques are still widely used around the world, the volumes across the industry are falling and processing them remains a labour intensive, highly manual task.
“This strategic partnership is a great example where we are proactively responding to client needs and changing industry dynamics.
“We are turning a challenge of a commoditised product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers.”