Saturday, 21 December 2024
Deutsche Bank launches next-gen correspondent banking with dbX
Deutsche Bank’s institutional cash and trade announces the launch of dbX, paving the way for its next-generation, fully integrated correspondent banking ecosystem.
dbX will give financial institutions (FI clients) access to new and enhanced functionalities designed to better leverage the bank’s thought leadership, investment and extensive global network.
The first wave of the launch focuses on enhancing Deutsche Bank’s commercial payments (dbXflow), transactional FX (dbXconvert) and treasury solutions (dbXtreasury) offerings, with the addition of dbXadvise, which combines individual advisory capabilities with extensive but flexible information and data tools. Trade finance functionalities will be launched in a second phase.
dbXflow offers a complete range of cross-border commercial payment services with significantly enhanced bespoke pricing capabilities. New elements have been incorporated, including a low-value full-principal payment proposition offered at extremely competitive rates, starting with EUR. With Deutsche Bank at the forefront of upcoming industry initiatives such as SEPA One-leg-Out and Swift Go, its strategy is to support clients to optimise their transactional flows at the best possible price, without waiting for mass adoption within the industry. dbXflow will be available for EUR, USD and GBP payments.
Complementing Deutsche Bank’s commercial payments solutions, dbXconvert offers an enhanced range of transactional FX services. In addition to the bank’s established multi-currency services and FX4Cash, its global cross-currency platform with 130+ currencies, new functionalities are being added to the platform. The FX4Cash engine will be upgraded to allow FI clients to fund Deutsche Bank in their own currency (e.g., DKK) without the need for a Deutsche Bank account in this currency. Clients can utilise the engine to convert into another currency (e.g., ZAR). In a second step, the bank will introduce its autoconvert solution to automatically convert commercial cross-border payments to the local currency of the beneficiary for specific corridors.
Exploring a holistic solution to optimise liquidity and treasury payment needs, dbXtreasury expands Deutsche Bank’s current liquidity offering focusing on intraday solutions for managing FI treasury needs in an instant world. New functionalities in the form of intraday liquidity optimisation with the use of advanced data and analytics will be introduced that can help clients reduce liquidity usage and improve payments functioning.
As part of Deutsche Bank’s strategy to operate in a more efficient, safer and inclusive correspondent banking ecosystem, dbXadvise services now form an integral part of its cash and trade offering. Advisory services range from supporting clients with the complexities of conducting business in challenging markets, through to offering self-service tools, data provision on liquidity positions and flexible API reporting capabilities.
Patricia Sullivan, global head of institutional cash management at Deutsche Bank, said: “The launch of our dbX solutions highlights our commitment to empowering FI clients to succeed in the global marketplace. Correspondent banking remains a core strategic business for Deutsche Bank. Our investments in dbX reaffirm our commitment to meeting both the current and future needs of our clients. Dedicated to our clients’ lasting success, we continue to innovate and invest in solutions that drive their growth and efficiency.”
Re-disseminated by The Asian Banker
