dNETS will process payment transactions for Deutsche Bank entities around the world including those located in New York, Frankfurt, London and several Asian countries. Initially, electronic payments processing will be undertaken in dollars and Euro and will eventually broaden to include other currencies.
dNETS will commence with approximately 50 employees. It is anticipated that staffing levels will grow to several times initial levels by the end of 2004.
Speaking at the inauguration, Deutsche Bank chief information officer-global transaction bank IT/operations Wolfgang Gaertner said: Deutsche Bank continually reviews all options including hubbing and outsourcing to obtain maximum leverage for our IT and processing expenditure. This allows us to price our products competitively and to meet the highest levels of client expectation in service delivery. India has proven its ability to provide high quality, cost effective, IT processing solutions, within a conducive business environment and with an impressive pool of well-trained and high calibre professionals.
Deutsche Bank head of cash operations (asia-Pacific) Roopa Sethuram added: dNETS will give Deutsche Bank additional capability to provide optimal financial solutions to our clients. From the very start, dNETS has been designed around the six sigma framework in order to deliver a clear focus on providing the highest service standards, as well as to achieve best in class cost performance.
Added Deutsche Bank global head of bulk payments & EDI operations Graeme Hosking: dNETS illustrates the banks ability to combine its global strengths in effective processing solutions, with local Indian expertise. As the first example of a wholly-owned offshore operation for Deutsche Bank in Asia, it clearly shows our continued commitment to expand our operations in India. The quality of this development makes me confident that dNETS will add considerable benefit to our global network.