India's IT consulting major HCL Technologies is building a cloud-based digital and fully scalable cheque processing platform for the Deutsche Bank which will overhaul the latter's cheque processing operations globally.
Announcing the agreement signed in this regard with Deutsche Bank, HCL said that the new IT-platform is likely 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”, said Shahrokh Moinian, Global 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 commoditized product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers,” Moinian added.
HCL emphasised that the new cloud-based IT-platform will enable Deutsche Bank to reduce the complexity of its IT-landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Moreover, through advanced data analytics, the bank will enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.
“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,” said Rahul Singh, President, Financial Services at HCL Technologies.