Deutsche Bank has added a supply chain finance (SCF) application to its suite of mobile technology offerings.
The Financial Supply Chain Manager allows clients to access the bank’s receivables finance and SCF solutions via a single access point. It offers multi-currency and lingual options, meaning users can access it across the world.
The move shows Deutsche’s eagerness to capitalise on the growing demand for SCF. A report issued by supply chain solutions provider Demica earlier this year showed that its usage is growing by up to 40% a year at the major European banks. The trend is expected to continue at a rate of 20% to 30% for the next three years.
Demica CEO Philip Kerle recently told GTR that the shift is due to greater awareness, adding that “every time you pick up a paper or go to a conference there’s something on SCF”. The supply chain has garnered much publicity in recent months, with numerous governments (including that of the UK) announcing SCF-specific initiatives which have been picked up by the mainstream press.
Deutsche’s app will enable users to manage their working capital more accurately, with the ultimate aim of reducing costs. It will integrate into clients’ existing enterprise resource planning (ERP) technology and is one of 165 apps the bank currently offers through its Autobahn App Market.
Speaking of the new app’s launch, Deutsche’s global head of product manager for trade and supply chain Rick Striano says: “By making our industry-leading financial supply chain solutions accessible through Deutsche Bank’s Autobahn App Market, our clients will enjoy unprecedented ease of access and usability, not only to our receivables and payables finance solutions, but also to many other Deutsche Bank products and services.”