Deutsche Bank: Improved payments working with SWIFT
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Deutsche Bank: Improved payments working with SWIFT 23 April 2018Frankfurt Reporter: Jenna Lomax
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Deutsche Bank has “significantly improved payments” for its clients by investing in IT and cooperating with SWIFT.
Deutsche Bank has been using SWIFT’s gpi service for international payments since November last year.
The introduction of the gpi service meant that for the first time, clients could obtain real-time information on the status of their payments.
Deutsche Bank has reported that it executes some 90 percent of all gpi payments in less than 24 hours and nearly half of all payments in under 30 minutes. Some payments are executed in less than one minute, according to Deutsche Bank.
Michael Spiegel, head of cash management at Deutsche Bank, said: “International payments are executed faster, more securely, and with more transparency.”
He added: “This significantly eases the burden on company finance departments in particular.”
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