Global banking major Deutsche Bank, said it now offers an electronic collection facility called ‘Payer ID’ solution to help corporates meet reconciliation problems of payer identity certainty.
Healthcare major, GlaxoSmithKline Consumer Healthcare (GSKCH) is Deutsche Bank’s first client in India to adopt the facility, a press release issued here today stated.
Prior to Payer ID, GSKCH’s process for addressing collections from payment parties was administered via demand drafts, a pre-dominantly paper-based system.
This new capability offered by the Germany-headquartered Bank will enable corporates to clearly identify parties who have made electronic payments to them without the need to maintain multiple bank accounts.
“The robust and effective process also assures complete transparency of funds flow,” the release added.
Deutsche Bank’s head of Global Transaction Banking for India Kaushik Shaparia said: “Deutsche Bank has taken the collection solutions in India to a new paradigm by introducing a facility that is electronic and prompt, and where clients can access full receivables information from anywhere in the world.”
Payer ID has a lot of market potential and we expect more payment parties to migrate and upgrade to this enhanced platform of accounts receivables and reconciliations.”