Deutsche Bank has announced the launch of Swift’s Beneficiary Account Validation (BAV) service, media reports said. The new service will allow customers to verify payee account details before an international payment instruction is sent.
Reportedly, the new BAV service will also allow Deutsche Bank to ensure that payments from its clients are arriving at the intended beneficiary using the correct account details, by validating the information centrally via Swift.
Jose-M Buey, global head, core platforms and accounts solutions, Deutsche Bank Corporate Bank told the media, “The BAV service not only addresses a key market problem prevalent today but also brings significant operational benefits in terms of end-to-end efficiency and fraud reduction to our corporate clients.
“It is also a clear example of how API technology can be used to create an innovative solution that perfectly aligns with our strategy to build a real-time API based accounts platform.”
In September, it was reported that Deutsche Bank has acquired Berlin-based payment service provider Better Payment for an undisclosed amount. The deal was expected to help Deutsche Bank expand its market share in the fast-growing online payment processing market.
Earlier this year, it was reported that Deutsche Bank’s plan to close its branches in Germany could see around 400 to 450 people lose their jobs in the country. The bank planned to eliminate around 20 percent of its workforce in a four-year restructuring plan, which was announced in 2019.