Noida : Indian IT major HCL Technologies (HCL) has bagged a contract from Germany’s Deutsche Bank to transform the bank’s global cheque processing operations. Under the terms of the agreement, HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank. The new IT-platform is expected to go live in 2019.
The new cloud-based IT-platform will enable Deutsche Bank to further 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 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.