Deutsche Bank has announced the launch of an Accounts Receivable Manager (ARM) for SEPA, a corporate cash management solution designed to help global organisations streamline and simplify the complexities of receivables management.
Deutsche Bank developed ARM with PayPal, a leading global eCommerce company, to help manage euro receivables across Europe using a single consistent reconciliation process, “while also reducing administrative costs and increasing customer satisfaction”.
ARM is a fully-automated payer identification solution that enables auto-reconciliation of incoming SEPA credit transfers, while significantly reducing the need to maintain multiple bank accounts for separate lines of businesses.
The solution enables PayPal to use millions of IBANs (International Bank Account Numbers) for its customers, allowing fully-automated payer identification without the need to match existing client data, and improving auto-reconciliation rates for PayPal by up to 100 per cent.
Arthur Brieske, global head of commercialisation at Deutsche Bank, said, “This strategic, SEPA-ready solution for PayPal demonstrates the significance of our transaction banking capabilities, as well as our ability to create client-centric solutions for complex challenges. Our continued investment in technology and commitment to SEPA allows Deutsche Bank to offer innovative solutions that are attractive to global companies such as PayPal.”
Katja Lehr, senior manager for global core payments at PayPal, said, “Every day we receive payments with incomplete or inconsistent payment information, which hampers our ability to automate allocation and reconciliation. While some payments can be reconciled through a manual process, others have to be returned.
“Because this is an unacceptable user experience, we connected with Deutsche Bank, a trusted partner we have been working with for many years, to develop the Accounts Receivable Manager.”