HCL Technologies (HCL) announced its technology deal with Deutsche Bank to build cloud-based cheque processing platform for the bank.
The new IT-platform, which is expected to go live in 2019, will enable Deutsche Bank to cut the complexity of its IT-landscape, slash cost, increase processing capability and efficiencies in cheques processing.
The bank will use data analytics to enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.
“We are turning a challenge of a commoditized product with declining volumes into an opportunity for innovation and creation of digital assets,” Shahrokh Moinian, global head of Cash Products, Global Transaction Banking of Deutsche Bank, said.
Rahul Singh, president, Financial Services at HCL Technologies, said HCL will leverage its engineering capabilities to build a cloud-based, paperless platform which enables Deutsche Bank and other banks to benefit from efficiencies.