New Outsourcing Solution for Corporates' Cheque Collections in Europe
Deutsche Bank’s Global Cash Management division has launch a web-based European lockbox service for domestic and cross-border cheques, called db-lockbox. The service is already available in Germany to Deutsche’s medium-sized and large retail and wholesale corporate customers, and will be introduced in the United Kingdom and France in the fourth quarter of 2002. db-lockbox takes care of incoming cheque processing by providing a decentralised cheque remittance, collections and document management solution. Deutsche also announced a new capability that allows the direct acceptance of payment and collection instructions generated from SAP R/3 in the generic outbound IDOC PEXR2001 format. This capability is being rolled-out in 15 countries across Europe and enables SAP R/3 customers to send IDOCformatted payment and collection instructions directly to Deutsche Bank’s db-worldPAS processing service.