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Deutsche Bank sees cash management and payments innovation with ISO 20022 adoption

Written by TABLive  
  • Oct 21, 2024
  • 1 min read

At Sibos 2024, Patricia Sullivan, global head of institutional cash management at Deutsche Bank, outlined the bank’s approach to modernising global payments infrastructure. A major focus is the adoption of ISO 20022, which offers enhanced data richness and standardisation in payment messaging, significantly improving reconciliation, compliance screening, and overall payment efficiency.

Patricia Sullivan described ISO 20022 as a game changer, facilitating better data-driven processes and future-proofing Deutsche Bank’s systems for digital currency integration.

ISO 20022 supports cross-border and domestic payment systems by enabling interoperability between different payment infrastructures. Sullivan emphasised that Deutsche Bank’s application of artificial intelligence (AI), coupled with the enhanced data, has resulted in a 30% reduction in false positives and a 50% decrease in manual interventions for payment screening. These improvements lead to faster transaction processing times and a stronger defence against financial crime.

Looking to the future, Sullivan highlighted Deutsche Bank’s commitment to using ISO 20022 as a foundation for digital transformation. The integration of AI in compliance screening ensures that Deutsche Bank can continue to offer secure, efficient, and seamless payment experiences to its global client base. As Deutsche Bank continues to lead the charge in cash management and payment modernisation, the bank’s forward-thinking strategy positions it at the forefront of the evolving financial landscape.