Deutsche Bank Debuts Correspondent Banking Solution dbX
Deutsche Bank has debuted a suite of correspondent banking solutions for its clients.
Announced Monday (Oct. 14) by the banking giant’s institutional cash and trade arm, dbX is designed to give “financial institutions new and enhanced functions to better leverage its global network in a fully integrated corresponding banking ecosystem.”
The first phase of the roll-out is centered on four solutions, including dbXflow, offering a range of cross-border commercial payment services for dollar, euro or British pound transactions, the bank said in a news release provided to PYMNTS.
There’s also dbXconvert for foreign exchange transactions, dbXtreasury — an expansion of Deutsche Bank’s liquidity offering — and dbXadvise, a combination of individual advisory capabilities with information and data tools.
“The launch of our dbX solutions highlights our commitment to empowering FI clients to succeed in the global marketplace,” said Patricia Sullivan, global head of the bank’s institutional cash management division. “Correspondent banking remains a core strategic business for Deutsche Bank.”
In related news, PYMNTS spoke earlier this month with Alexander Knothe, head of client solution and partner management at Deutsche Bank, about innovations in B2B payments.
“The three main driving forces are a change in demands and expectations on both the buyer side as well as the supplier side, the changing competitive landscape with new players coming into the market, and the evolving regulatory environment,” said Knothe.
He added that among the trends transforming B2B commerce is the role of partnerships and technological innovation in cultivating growth.
As for the changing demands of B2B stakeholders, Knothe said businesses are shifting toward digitizing their sales, order, invoice and payment processes. This move is part of a larger trend toward lessening their reliance on paper-based methods.
And treasury organizations are “pushing for higher levels of automation” to manage payments and financial data with minimal intervention, Knothe said, adding that the integration of advanced payment tools into enterprise resource planning (ERP) systems has been crucial when it comes to improving payment tracking, reconciliation and reporting.
In a separate interview, PYMNTS spoke with Dee Mitra, global head of product for Banking-as-a-Service, (BaaS) context banking and embedded finance at Deutsche Bank, about the benefits of embedded finance.
“We already enjoy the customers’ trust, and we have been with them for a multitude of years,” she told PYMNTS. “We understand their pain points. We are used to them. They’re used to us. If you look at banking as such, it’s in the middle. Every business uses banking. It’s the center of everything.”
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