Deutsche Bank and HCL Technologies join forces to transform cheque processing operations

- Technology - Nov 06, 2018

The German financial services company, Deutsche Bank, has partnered with HCL Technologies to digitally transform its cheque processing operations.

The technology firm will build the bank a cloud-based digital system for processing cheques that is fully scalable.

It is anticipated that the platform – which aims to reduce complexity and costs, and improve efficiencies – will go live next year.

“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,” remarked Shahrokh Moinian, Global Head of Cash Products and Global Transaction Banking at Deutsche Bank.

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“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 commoditized product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers.”

“This is a significant milestone in HCL’s long-standing partnership with Deutsche Bank,” stated Rahul Singh, President of Financial Services at HCL Technologies.

“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.”

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