Deutsche Bank and Standard Bank Partner on FSC Using SWIFTNet TSU
Bank and Standard Bank have partnered on a financial supply chain (FSC) pilot project using the SWIFTNet Trade Services Utility (TSU) infrastructure. The FSC pilot project enables both banks to monitor various supply chain events in order to explore ways of providing liquidity in open account trade transactions. Using TSU, Deutsche Bank and Standard Bank will exchange supply chain data automatically for their respective buyers and sellers. They will leverage the TSU matching functionality to provide a basis for payment or financing services for their clients.
Deutsche Bank and Standard Bank have successfully participated in initial testing of the TSU functionality. The pilot is planned to include live transactions for corporate clients who have agreed to participate.
Jonathan Richman, global product head, trade and FSC, global transaction banking, Deutsche Bank, said: “We are pleased to partner with Standard Bank for this important step forward that begins to turn the promise of TSU into a reality. This alliance will help clients conduct international trade on open account terms, improve automation and risk management while accessing new types of finance to improve cash flow.”