Deutsche Bank gets collateral tech from CloudMargin
The implementation is aimed at improving the client experience by creating a networked solution for Deutsche Bank’s collateral management, resulting in transparency, reduced operational risk and simpler processes by reducing manual intervention and thus eliminating discrepancies.
CloudMargin, says it is the first provider of a collateral and margin management solution native to the cloud.
“Moving our collateral and margin management on to an online platform means that we and our clients will enjoy a reduction in risk and resource-draining emails and calls,” says Joseph Macdonald, global head of collateral optimisation trading, Deutsche Bank.
Macdonald adds: “This is believed to be the first time a tier one bank will use a public cloud-based service for a critical piece of infrastructure, such as managing margin calls with its own counterparties.”
The transition means that Deutsche Bank and its clients will have access to the same information about the obligations and required actions for their cleared and non-cleared over-the-counter (OTC) transactions.
CloudMargin clients are automatically connected to an online hub with a community of upstream and downstream partners who can support with other straight-through-processing enhancements.
The supplier’s CEO Steve Husk says that with Deutsche Bank on the platform, CloudMargin can easily onboard anyone doing business with the firm.
It’s nice to see Deutsche Bank in news that does not concern money laundering allegations.