In response to demand from its global clients for remittance solutions to and from emerging economies, Deutsche Bank announced at Sibos it has broadened its offering for remittances. Deutsche Bank's Global Transaction Banking division is launching four new corridors for its remittance service portfolio: Korea, Philippines, Poland and Turkey.
Deutsche Bank's remittance service portfolio, targeted at its financial institution clients, leverages the bank's global capabilities, complemented by key partners, including Eurogiro and its network comprising many of the world's postal agencies and postal banks. Key to Deutsche Bank's offering is the ability to advise remittance payments via SMS text messaging in local language. According to Deutsche Bank, this technology delivers fast, effective and tailored information directly to beneficiaries and/or remitters. As an additional optional component, Deutsche Bank's remittance service can enable financial institutions to incorporate web technology under their own branding to attract the remittance-sending population in the world's largest remittance-sending country, the U.S. This solution empowers financial institution clients in remittance-receiving countries to efficiently and effectively market their own retail remittance services, Deutsche Bank says.
Paul Camp, Global Head of Cash Management Financial Institutions at Deutsche Bank, said in a press release: "Expansion of our capabilities to include these four key countries is part of the ongoing development of our remittance offering. The demand for remittance disbursement is rapidly growing. Remittance capabilities are becoming an anchor product for our financial institution clients when they position products to their own retail banking customers. Our objective is to enable our clients to capture market share and further cement their own client relationships."
At Sibos Deutsche Bank also announced a strategic partnership with Brazil's Itau Unibanco to jointly expand its remittance offering to and from Brazil. Specifically, Deutsche Bank is extending its remittance services to include a new corridor in Brazil. Through Deutsche Bank's partnership with Itau Unibanco, Brazilian workers worldwide are able to send U.S. dollar and euro payments to Brazil. Remittance beneficiaries will be able to receive account credits or pick up cash at more than 3,300 Itau Unibanco locations.
According to the World Bank, Brazil received an estimated $4.9 billion in remittance payments from overseas workers in 2009 and has seen consistent growth in these figures over the past 10 years. According to Camp, "Our expanded offering in Brazil is a key step forward for a more robust remittance strategy globally. We are dedicated to growing our remittance business and are extremely pleased to be leveraging Itau Unibanco's excellence in retail banking to bring Brazilian remittance payments capabilities to financial institutions around the world."