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.
“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.”