Deutsche Bank launches automation solution for treasurers
With companies looking to cut down cost for payments across borders and making corporate treasury solutions a smooth operation, Deutsche Bank has launched GEM Connect which is a ‘component-based solution designed to address workflow challenges across collections, payments, funding and FX in APAC markets with capital restrictions’.
Last month, the bank had partnered with Mastercard on digital payments for businesses and the bank had also launched a payments platform for its corporate clients in Thailand.
This solution is developed by the bank’s Corporate Bank and Fixed Income & Currencies business units in APAC and this solution would allow linking treasury processes together in automated workflows, simplifying complex processes for clients moving money to and from different markets with capital restrictions, the press note stated.
“It (GEM Connect) will play a key role in helping treasurers to better manage their liquidity both at group and subsidiary levels”, said David Lynne, APAC Head of Corporate Bank and Fixed Income & Currencies at Deutsche Bank.
The bank in its press statement said that using the components of the solution such as FX execution tool and payment and hedge matching solution, it is able to provide a ‘one-stop liquidity and FX management solution’ to its clients in emerging markets such as India, Indonesia, Korea, Mainland China, Malaysia, Philippines, Taiwan and Thailand.
The use cases noted by the banks are such as this solution would target balance automation to support up and downstream cross-border intra-company payments. This can happen with or without an account to streamline liquidity or commercial payment objectives.
Other things include ‘automated reconciliation of payments and collections against FX hedge contracts’ and ‘automated execution of onshore payments or receipts with a hedge adjustment to reduce basis risk and periods of open market risk for FX execution outside Asia time zones’.