Deutsche Bank’s innovative account pre-validation solution recognised in TMI Awards

The ongoing challenge of payment fraud continues to top the corporate treasury agenda – in April 2023 the US Association for Financial Professionals (AF) revealed that in 2022, 65% of organisations reported experiencing attempted or actual payments fraud activity.¹ At the same time, corporates frequently have to contend with payment returns as a result of incorrect payee account details which causes rejected payments, payment delays, lost funds and general disruption throughout the supply chain.

Responding to the challenge, Deutsche Bank has invested in building a best-in-class account pre-validation solution, which allows corporates to confirm the details of their payment’s beneficiary in real time, without the need for a technical integration or a fully digital solution. Confirming these key details before a payment is sent provides an additional layer of protection for a wide set of use cases – from paying a recipient for the first time to carrying out cross-border remittances. (See flow article Fraud and friction: how payment pre-validation can help for more details).

What started as a major industry problem faced by corporates around the world – how to verify payment information to mitigate errors, fraud and reduce resources spent on payment returns and delays – has driven the development of a unique offering that incorporates:

• Robust datasets. Unlike other solutions, Deutsche Bank leverages multiple industry initiatives to access a much wider range of data, using SWIFT BAV, third-party data, bank-led initiatives such as ‘Confirm by Link’, as well as the bank’s internal data network.
• Global coverage. By collaborating with multiple industry initiatives rather than just one, Deutsche Bank’s solution can achieve global coverage – with the solution reaching more than 30 countries and validating from a pool of over one billion accounts.
• Ease in accessibility. Every client has the option to use the service via multiple channel options.

Thanks to this unparalleled scale and ease of use, Deutsche Bank’s Account Pre-Validation Solution was recognised by Treasury Management International (TMI) as ‘Best Solution Innovation’ at the TMI Awards for Innovation and Excellence in 2023.

“We are delighted that our pre-validation solution has been recognised by TMI as a truly innovative and cutting-edge solution,” said Suman Chaki, Global Head of Cash Management Sales & Americas Head of Corporate Cash Management at Deutsche Bank. “As real-time treasury services become increasingly critical for corporate treasurers, our focus lies on building market leading solutions that make the payments processes faster, safer and more streamlined. This win underscores our commitment to delivering on this promise for our clients.”

”This award highlights how at Deutsche Bank we keep pushing the boundaries of innovation and are the strategic business partner of our clients.” said Christof Hofmann, Global Head of Corporate Cash Management at Deutsche Bank. “Through strong collaboration and dedication our teams have relentlessly worked to deliver a best-in-class solution tackling an issue at the top of the mind of our clients, such as payment fraud, while ensuring global coverage at an impressive scale. We are proud to be working at the forefront of the industry to create effective solutions that meet our clients’ most pressing concerns.”

Sources

¹ See afponline.org