Deutsche Bank has partnered with HCL Technologies to digitise the bank’s global cheque processing operations by 2019. Under the agreement, HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank. The new platform is expected to go live in 2019, according to a press statement.

The new cloud-based IT-platform will enable Deutsche Bank to further reduce the complexity of its IT-landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Moreover, through advanced data analytics, the bank will enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.

“While cheques are still widely used around the world, volumes across the industry are falling and processing them remains a labour intensive, highly manual task”, said Shahrokh Moinian, Global Head of Cash Products, Global Transaction Banking, Deutsche Bank in the statement. “We are turning a challenge of a commoditised product with declining volumes into an opportunity for innovation and creation of digital assets, which will ultimately benefit our customers,” he added.

Rahul Singh, president, Financial Services at HCL Technologies, said, “While banking is becoming increasingly digitised, processing cheques is still a paper-based process. HCL will leverage its engineering capabilities to build a digital, cloud-based, paperless platform which enables Deutsche Bank and other banks to benefit from efficiencies and deliver value-added services to their customers.”