- Deutsche Bank is among the first financial institutions in the world to go live on a new global initiative transforming the experience for people receiving international transfers
- The bank has successfully processed payments from Australia almost instantly, and from Brazil in less than a minute, to give an enhanced experience to senders in those corridors and for clients receiving funds in Germany
FRANKFURT, Germany--(BUSINESS WIRE)--People in Germany receiving money from family, friends or businesses abroad will get a significantly better experience as Deutsche Bank goes live with a new consumer payments initiative from Swift, the organisation behind the global network that connects more than 11,500 financial institutions in over 200 markets, which is enabling international payments to reach the end customer’s account in a matter of seconds.
The initiative sets a new standard for international retail transfers so that consumers experience several key benefits:
- The full amount arrives. If someone sends money from overseas, the same amount is exactly what lands in the account - with no unexpected deductions.
- It arrives faster. In many cases, money will arrive within minutes. Where local banking systems support it, transfers can arrive instantly.
- The cost is clear from the start. Before the sender presses confirm, they can see the fee and exchange rate so there are no surprises.
- It can be tracked. Like tracking a parcel, the person sending the money can follow every step of the transfer until it arrives.
Deutsche Bank is among the banks to implement the initiative and the first in Germany, initially providing the improved experience to customers receiving money from Brazil, Australia and Turkey. Over 60 banks from 25 countries so far are backing the initiative, which just went live this year.
Ciaran Byrne, Global Product & Client Solutions Head, Institutional Cash Management at Deutsche Bank, said: “Given the importance of the German market in global cross-border flows, it was critical to enable a scalable and standardised framework for incoming payments. As a Gateway Intermediary, Deutsche Bank is supporting financial institutions globally in sending payments into Germany, while enabling retail and SME clients to benefit from a more transparent, predictable and efficient payment experience.”
Germany is in the top 10 countries remittances received, according to the United Nations.
Olivier Lens, Head of Central and Eastern Europe at Swift, said: “The rollout of this initiative represents a key development for Germany’s payments landscape. Customers expect international payments to be as transparent and predictable as those made domestically and these standards help deliver on those expectations. This framework will enable a more trusted cross-border payments experience for businesses and consumers alike.”
About Swift
Swift is a global member owned co-operative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging and standards for communicating, and we offer products and services to facilitate access and integration, identification, analysis and regulatory compliance.
Our messaging platform, products and services connect more than 11,500 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. While Swift does not hold funds or manage accounts on behalf of customers, we enable our global community of users to communicate securely, exchanging standardised financial messages in a reliable way, thereby supporting global and local financial flows, as well as trade and commerce all around the world.
As their trusted provider, we relentlessly pursue operational excellence; we support our community in addressing cyber threats; and we continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Our products and services support our community’s access and integration, business intelligence, reference data and financial crime compliance needs. Swift also brings the financial community together – at global, regional and local levels – to shape market practice, define standards and debate issues of mutual interest or concern.
Headquartered in Belgium, Swift’s international governance and oversight reinforces the globally-inclusive character of its cooperative structure. Swift’s global office network ensures an active presence in all major financial centres.
Contacts
Press Contacts:
FGS Global
+32 (0)2655 3377
Swift@fgsglobal.com
