Deutsche Bank offers cash management
Alok Agarwal
5 Sept 2001

Mumbai: Deutsche Bank, one of the largest financial institutions in the world in terms of assets, has further enhanced its presence in cash management business, through the use of technology. The bank has introduced a new product, db-recon which allows IT-enabled outsourcing for receivables and provides automated reconciliation of invoices with payments received by customers across India.

The bank had earlier successfully launched integrated payment outsourcing solutions in India enabled by bank’s state-of-the-art electronic banking systems. These were termed db-direct, db-direct internet and db-world PAS.

Announcing the launch, Jimmy Yap, Asia Pacific head for global cash management, said, "As technology continues to evolve and create new ways of doing business, outsourcing of non-core activities enables corporates to focus on their main competencies. This presents new opportunities for cash management service providers. In particular, cash management banks have to provide tangible value for their customers’ business models, which will continue to focus on shareholder satisfaction."

Speaking to domain-b, he said, "These payments may not be total either due to part payments having been made or due to availing of discounts offered by corporates. The db-recon will electronically reconcile all of it and save customer’s time and effort." He pointed out that the entire operation, in case of large corporates, could be completed in 2-3 days, which otherwise could take 2 weeks to finish, if undertaken by companies.

He said companies could then continue to concentrate on generating sales revenues, thereby gainfully utilize their sales force. The product would be useful to companies which had geographically dispersed sales offices and therefore debtors spread over large areas.

Db-recon automatically matches funds collected with corresponding invoice based on a set of reconciliation rules set by the company. It can support matching of overpayments, underpayments, considerations such as early payment rebates, late payment penalties and credit/debit notes. If invoice specific matching is not required, it can match on FIFO basis or exact amount based on payer information.

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