Deutsche Bank today announced that it will be partnering with IBM to develop “Virtual Accounts” as a new addition to db direct internet, the Bank’s awardwinning web-based electronic banking platform. Virtual Accounts will enable financial institution and corporate clients to manage even the largest portfolios of virtual accounts with unprecedented ease via the internet.
Using the "Virtual Accounts" feature on db direct internet, clients are able to open as many virtual accounts as required which link into one or many physical Deutsche Bank accounts and permit clear segregation of client accounts and their funds. This feature lets clients recreate their sub-accounting structure, allowing payments to be initiated directly from the respective virtual account representing the client. On Deutsche Bank’s ledger, these payables are booked from the physical current account. On the receipts side, the client maintains flexible matching rules which automatically allocate funds from the physical account to the correct virtual account.
All functions are supported by an intuitive browser module that allows clients to conduct self-administration on all parameters of the accounts that they maintain with the Bank. Using entirely new account grouping features, changes to large numbers of accounts are made with minimal effort. Additionally, the Bank’s clients may offer a white-labeled web interface to their own customers to view accounts, download statements and even initiate payments. Statements are received intraday and end-of-day in CSV, PDF, FIN or XML formats.
Maurice Cleaves, Regional Head of EMEA Product Management, Global Transaction Banking, Deutsche Bank, said, “We are pleased to partner with IBM to extend the depth of our internet platform for those financial institutions and corporate clients who choose to manage their entire portfolio of client sub-accounts on db direct internet. We selected IBM, a trusted partner with a strong knowledge of our internal applications, because it is capable of addressing our demands for a highly customized and robust solution. Clients benefit from easier reconciliation regardless of the number of accounts.”
June Yee Felix, General Manager Banking and Financial Markets IBM, said “We look forward to partnering once again with Deutsche Bank, a leader in the transaction banking space. Virtual Accounts will offer Deutsche Bank’s clients the opportunity to access additional levels of functionality while achieving new efficiencies. In fact, according to IBM’s recent research with 8000 clients globally, convenience is one of the top reasons clients select their banks and Deutsche Bank’s new capability is an excellent means of providing robust functionality in a highly convenient manner. ”
Using the "Virtual Accounts" feature on db direct internet, clients are able to open as many virtual accounts as required which link into one or many physical Deutsche Bank accounts and permit clear segregation of client accounts and their funds. This feature lets clients recreate their sub-accounting structure, allowing payments to be initiated directly from the respective virtual account representing the client. On Deutsche Bank’s ledger, these payables are booked from the physical current account. On the receipts side, the client maintains flexible matching rules which automatically allocate funds from the physical account to the correct virtual account.
All functions are supported by an intuitive browser module that allows clients to conduct self-administration on all parameters of the accounts that they maintain with the Bank. Using entirely new account grouping features, changes to large numbers of accounts are made with minimal effort. Additionally, the Bank’s clients may offer a white-labeled web interface to their own customers to view accounts, download statements and even initiate payments. Statements are received intraday and end-of-day in CSV, PDF, FIN or XML formats.
Maurice Cleaves, Regional Head of EMEA Product Management, Global Transaction Banking, Deutsche Bank, said, “We are pleased to partner with IBM to extend the depth of our internet platform for those financial institutions and corporate clients who choose to manage their entire portfolio of client sub-accounts on db direct internet. We selected IBM, a trusted partner with a strong knowledge of our internal applications, because it is capable of addressing our demands for a highly customized and robust solution. Clients benefit from easier reconciliation regardless of the number of accounts.”
June Yee Felix, General Manager Banking and Financial Markets IBM, said “We look forward to partnering once again with Deutsche Bank, a leader in the transaction banking space. Virtual Accounts will offer Deutsche Bank’s clients the opportunity to access additional levels of functionality while achieving new efficiencies. In fact, according to IBM’s recent research with 8000 clients globally, convenience is one of the top reasons clients select their banks and Deutsche Bank’s new capability is an excellent means of providing robust functionality in a highly convenient manner. ”
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