Deutsche Bank has introduced its db-recon product to Asia hot on the heels of other integrated payment outsourcing solutions.
The new service allows customers to outsource the reconciliation of invoices by instructing Deutsche Bank to follow up on the invoices using a fully-automated process. Payments received by customers are reconciled against invoices and clients are provided with a daily soft-copy report stating all reconciled and non-reconciled payments.
db-recon takes the administrative headache out of the receivables process, says Jimmy Yap, Asia Pacific head of the bank's global cash management for companies. "This is just part of our payment solution that integrates seamlessly with our customers' accounting systems through the host-to-host customer access platform called db-worldPAS," he says. Asian clients were given demonstrations of db-recon at the recent Eurofinance Conference in Singapore.
Regional head of cash product management for Deutsche Bank, Tay Kok Keong, says the product is part of the receivables evolution taking place in Asia. "The foremost challenge for corporate treasurers is to outsource non-core activities in order to remain focused on their core business," he comments.
He says seamless integration and a secure and robust delivery platform are important but these days customers are focused on a reduction in operational costs and knowing what funds are available for working capital. "There are so many clearing practices in Asia that it makes it difficult to know when funds are available. Using services like db-recon will overcome this."
