Deutsche Bank today announced a four-pronged approach designed to deliver its clients instant financial and business benefits following the launch of the Single Euro Payments Area (SEPA) in January 2008.
First and foremost, Deutsche Bank’s corporate clients can reap the financial benefits of SEPA as of Day 1 as a result of the bank’s decision to handle all payments with SEPA criteria in the same way as legacy domestic mass payments, irrespective of format and access channel. This approach will deliver immediate and significant savings. By effectively treating all payments, regardless of amount, as domestic transactions Deutsche Bank goes far beyond the requirements of the current EU Regulated Payment pricing model applicable to payments below a threshold of €50 000.
Second, Deutsche Bank will insulate clients in their migration to SEPA through the enhancement of internationally popular payment formats such as IDOC, CSV and EDIFACT to alleviate the need for clients to have to immediately change their payment processes and infrastructure to provide and deliver the official SEPA format – XML. In addition, Deutsche Bank will also support and accept the XML format, even beyond the SEPA scope of countries for all other transactions globally, thus enabling clients to move to the XML format quicker and gain the benefit of using one format globally.
Third, Deutsche Bank has elected to provide a flexible account model to further insulate its customers and make SEPA migration easier and convenient. Under this structure, existing client accounts in all Deutsche Bank branches within the Eurozone and UK can be used to process all transactions, including SEPA compliant transfers. As such, there will be no compulsion for clients to have to open new accounts in a central location to be able to access and benefit from SEPA processing. Deutsche Bank is the first global transaction bank to announce such a service.
Finally, Deutsche Bank has developed a number of new product features aimed at helping clients with their transaction initiation and reconciliation processes. Examples include the re-conversion of IBAN/BICs (International Bank Account Number/ Bank Identifier Codes) into national account numbers and the completion of certain payment orders where BICs are not included in an original payment instruction. Ultimately these value added services will allow for a SEPA transition that not only takes into consideration our clients’ migration challenges and timelines, but also the pace of changes within the markets with respect to the migration of clearing systems.
Commenting on the Bank’s approach, Werner Steinmueller, Head of Global Transaction Banking said, “As a leading transaction banking provider and largest Euro clearer, Deutsche Bank has been a prominent player in promoting corporate interests across the banking industry in the run up to SEPA. Our strategy is to make the long term opportunities of SEPA an immediate reality for clients who benefit from lower transaction costs and the smoothest possible migration.”
For further information, please contact:
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About Deutsche Bank
Deutsche Bank <NYSE: DB> is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 75,140 employees in 75 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Global Transaction Banking comprises commercial banking products and services for corporate clients and financial institutions, including domestic and cross-border payments, professional risk mitigation for international trade, asset and liability management and the provision of trust, agency, depositary, custody and related services. Business units include Cash Management, Trade Finance, Trust & Securities Services and Capital Market Sales. We employ over 3,800 professionals in more than 35 countries.
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