Deutsche Bank has selected EDS to provide IT services to support the bank's North American domestic cash management processing operations.
As part of the agreement, Deutsche Bank will broaden its service offerings by expanding its payment processing centres to cover its private label business through which it sells cheque processing services to other banks. In addition, it will offer a national lockbox platform based on EDS' network of processing centres in the United States.
Deutsche Bank's global cash management division will retain full management of client relationships and will continue to perform services such as the handling of return items, signature verification, image archive, research and adjustments as well as the customer service functions.
Norbert Wanninger, head of GCM, Deutsche Bank, says: "Our relationship with EDS will provide us with the opportunity to heighten our technological capabilities and broaden our coverage to better satisfy the needs of our US cash management clients."
EDS will begin providing a common technology platform for the bank's cheque processing and lockbox clients next month.