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.
List of reports on Deutsche Bank
|
