Deutsche Bank has launched instant cash reporting (ICR), a real time treasury solution to give corporate and institutional clients access to real-time account and balance information with a single, standardised API connection.
The service has been developed in partnership with payments company Swift and is built on Deutsche Bank’s expanding API suite and Swift’s secure infrastructure.
The bank said ICR delivers instant, on-demand financial insights, which it claims will help treasurers make faster, smarter decisions.
Through ICR users can collect real-time account and balance data via a single access point using the ISO 20022 data model and secure JSON format – JavaScript Object Notation, which is a lightweight format for storing and exchanging data.
Swift acts as the central connector, routing API pull requests from corporates to Deutsche Bank.
Deutsche Bank then responds with standardised account data in JSON format, tailored to the corporate’s selected accounts or full account set, based on the associated Swift BIC.
Iberdrola, a Spain-based energy company, is the first corporate business to go live with ICR through Deutsche Bank and has reported benefits including seamless integration with existing systems and reduced operational costs and errors.
ICR is currently accessible to Swift-connected corporates and financial institutions.
Deutsche Bank says it welcomes other banks and corporates to join the initiative to support scaling up the usage of multi-bank API solutions.
