Deutsche Bank to Transform its Virtual Account Offering with New Technology Platform
Deutsche Bank AG today announced that it has signed a Letter of Intent with Tieto, a leading Nordic provider of IT software and services, to leverage the company’s product suite to transform its existing Virtual Account services towards an extended offering that will open up new opportunities for corporate treasurers.
Over the last few years, corporates have been expanding their use of virtual accounts, not only looking for account rationalisation but also for support for highly complex operations such as managing multi-currency liquidity, intercompany funding and interest and margin allocations in new workflows.
As a first step, Deutsche Bank will leverage Tieto’s Virtual Account Management (VAM) platform as a complementary technology solution that can seamlessly integrate with its award winning Cash, Trade and FX platform, thus further enhancing its cash management offering to the benefit of its corporate clients.
“At Deutsche Bank, we are focused on offering real-time, rules-based solutions for multi-currency liquidity, funding and risk management, which can be digitally configured and signed directly by our clients,” says Vanessa Manning, Global Head Liquidity Products at Deutsche Bank.
“We are confident that Tieto’s solution can complement our existing Virtual Account offering and provide additional flexibility to our clients’ configurations of in-house-bank-type capabilities,” adds Christof Hofmann, Global Head of Payments and Collection Products at Deutsche Bank.
As Ilkka Korkiakoski, Head of Payment Solutions at Tieto explains: “Our discussions with Deutsche Bank have made it clear that the bank is taking a holistic approach towards leveraging our VAM platform to address a much broader spectrum of treasury activities – by extending a Virtual Account structure to an in-house banking solution. We are excited to work together with Deutsche Bank to further enhance and enrich our VAM solution into a market-leading offering.”
Ole Matthiessen, Global Head of Cash Management at Deutsche Bank, concludes: “The partnership with Tieto allows us to deliver the entire range of cash, liquidity and FX products in a seamless manner to corporates via state-of-the-art technology – which, in turn, allows them to take yet more control of their treasury operations. Our aim is to roll out this capability to our first set of customers in the early part of 2020.”