A year after deciding to retain its Asian sub-custody operation while selling off its global custody business, Deutsche Bank will give clients access to information on their local securities and custody cash management accounts via the internet. The technology roll out is proof that the bank is committed to "growing its domestic custody business", says Simon Roberts who heads product development for the division from London.
The platform called db-direct custody is an add-on to the bank's existing web-based application that also has cash management and trade finance components.
The custody piece is now available to clients in 11 markets with another seven to follow by the end of this year. It includes the ability to send securely encrypted instructions to the bank's securities and cash processing systems and also has a suite of real-time customizable reporting capabilities which it says will meet clients' internal and external reporting needs.
"The launch of db-custody represents a key milestone in the development of Deutsche Bank's domestic custody franchise, says Roberts. "It provides us with a platform on which to develop an enhanced suite of service solutions for our clients."