For the first time, a Tier 1 bank will use public cloud-based service for a critical piece of infrastructure.
Deutsche Bank, as part of its global transformation programme, is working with CloudMargin, a collateral and margin management solution provider, to integrate the CloudMargin platform into its Collateral infrastructure.
In addition to cost savings, the move is expected to improve the client experience by creating a networked solution for Deutsche Bank’s collateral management, resulting in additional transparency, reduced operational risk and simpler processes.
Joseph Macdonald for Deutsche Bank said: “Moving our collateral and margin management on to an online platform means that our clients and we will enjoy a reduction in risk and resource-draining emails and calls. This is believed to be the first time a Tier 1 bank will use public cloud-based service for a critical piece of infrastructure, such as managing margin calls with its counterparties."
"For our clients, this will make for intuitive online user experience on the platform. The movement of our collateral management programme to CloudMargin is also in line with a number of the bank’s goals: enhancing our client service, being technology-led and improving efficiency. The cloud platform will give us a cost-effective means of servicing our clients, regardless of their size,” he added.
The transition to CloudMargin’s cloud-based platform means that Deutsche Bank and its clients can access the same information about the obligations and required actions for their cleared and non-cleared over-the-counter (OTC) transactions.This transparency will significantly reduce manual intervention and eliminate discrepancies reducing the time and resources to resolve. CloudMargin clients are connected to an online hub with a community of upstream and downstream partners who add further efficiencies and straight-through processing opportunities.