Deutsche Bank’s multibanking service goes live
Deutsche Bank’s multibanking service is now live – offering one login in its online banking to transfer money from all aggregated accounts.
The bank says it supports nearly 3,000 different banks in Germany and transaction authentication number (TAN) procedures such as iTAN, mobileTAN, pushTAN, photoTAN and chipTAN.
Michael Koch, MD and head of digital factory and head of online and mobile banking at Deutsche Bank, who also needs a concise job title, outlined its roadmap. No timelines were provided.
There are five major steps, namely the launch of personal finance management; the launch of multi bank aggregation (i.e. balances and turnovers); and the merging of personal finance management with multi bank aggregation as one integrated omnichannel solution.
In addition, there is real-time aggregation (with every login) and real-time categorisation; and the launch of a money transfer feature with aggregated accounts.
For the last two, Koch, visibly excited – as demonstrated by his extensive use of capital letters – says it is one of the first banks in Germany to offer such features.
Customers can activate the multibanking function and add third-party bank accounts online or in the app. The bank adds that revenues of any third-party bank accounts are stored permanently in both options.