HCL Technologies to Develop Digital Cheque Processing Platform for Deutsche Bank
HCL Technologies has partnered with Deutsche Bank to migrate the bank's complex cheque processing operations to a digital, cloud-based platform. The new paperless platform is intended to improve processing rates and generate data for business flows, as well as working capital for onward use by Deutsche’s corporate and institutional clients. According to Deutsche, it is set to go live in 2019.
“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,” says Shahrokh Moinian, gGlobal head of cash products, Global Transaction Banking of Deutsche Bank. “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.”