Deutsche Bank selects Tieto to boost virtual account services
Deutsche Bank AG has chosen Tieto’s technology to extend its virtual account services for corporate treasurers, reports Jane Connolly.
Deutsche inks deal with Tieto
The bank has signed a letter of intent to implement Tieto’s Virtual Account Management (VAM) platform to integrate with its Cash, Trade and FX platform. The bank says this will offer greater cash management support for corporate clients and add more flexibility to clients’ configurations of in-house-bank-type capabilities.
“At Deutsche Bank, we are focused on offering real-time, rules-based solutions for multi-currency liquidity, funding and risk management, which can be digitally configured and signed directly by our clients,” says Vanessa Manning, global head liquidity products at Deutsche Bank.
Ole Matthiessen, the bank’s global head of cash management, adds: “The partnership with Tieto allows us to deliver the entire range of cash, liquidity and FX products in a seamless manner to corporates via state-of-the-art technology – which, in turn, allows them to take yet more control of their treasury operations.”
The bank aims to roll out the capability to the first set of customers in early 2020.
