Deutsche Bank will work on digitizing and automating its documentary trade business, with more control and an assurance of scalability for profitable growth
Deutsche Bank will be working with Traydstream to automate document checking, a press release from Traydstream says.
Deutsche Bank will work on digitizing and automating its documentary trade business, with more control and an assurance of scalability for profitable growth.
The goal is to boost corporates’ experience in the letters of credit business.
The companies have been working together since 2021, and now they want to work more on the bank’s trade operations. This agreement will see Traydstream integrated into Deutsche Bank, with plans to expand this pairing globally.
The release notes that Traydstream has recently rolled out a new 2.0 version of its platform which will have more accuracy and speed for data extraction and classification, along with integrated third-party platforms for compliance checks.
Traydstream’s extensive trade expertise and technical knowledge will enhance our Trade Finance offering, improving the processes for our global documentary trade business, Claudia Hussy, trade finance product and process management at Deutsche Bank, said. It brings our client service to the next level and is a further endorsement for automated document checks as a key enabler for the digitization of documentary trade products.
Deutsche Bank has also recently partnered with Credi2, a FinTech, to add a BNPL product for German eCommerce or online merchants.
The solution will come with a merchant portal for investigating returns and partial payments, and Deutsche Bank will be able to look into fraud or nonpayment cases more quickly.
Together with Credi2, we want to create a real and consumer-friendly alternative to existing BNPL offers, said Deutsche Bank’s Head of Merchant Solutions Kilian Thalhammer. Unlike most BNPL offers, the white label approach means that retailers retain full control over transactions with their new and existing customers.