Deutsche Bank has launched 'db-recon', a new receivables matching solution that allows IT-enabled outsourcing for receivables and provides automated reconcillation of the invoices with payments received by customers across the country.
Even as Deutsche Bank has five branches in the country, it is partnering with eight to 10 public sector and private sector banks to undertake collection of funds across the country.
As multinational and large corporates re-engineer their operations, they are increasingly looking at outsourcing their non-core areas of work, which take up a lot of time, and cost, said Deutsche Bank Asia Pacific head for global cash management, Jimmy Yap.
The CMS of the bank had been growing at an annual rate of 50 to 60 per cent compounded in the last few years, said Deutsche Bank head global cash management (India) Kaushil Shaparia.
Yap was not able to pinpoint the exact savings a corporate would gain through this cash management service. However, he cited the example of a Singapore airlines whose processing time of invoices decreased from two weeks to two days following the use of the bank's product.
However, the bank is likely to face stiff competition from public scector and private sector banks which already have a strong presence in the sector. Incidentally, the foreign bank is looking at the top end of the market where the turnover is in excess of Rs 100 crore, said Shaparia.
