Deutsche Bank has crack at paperless with eVault launch
Deutsche Bank has launched eVault – a digital repository for exchange of documents – making it the “first” third-party document custodian to offer such a solution.
According to the bank, eVault is a legally compliant solution to move original electronic files securely from one party to another, while preserving its unique digital ownership.
Thomas Nielsen, chief digital officer for Deutsche Bank’s Global Transaction Banking business, says: “We continue to capitalise upon the remarkable capabilities afforded by new technologies in order to optimise our clients’ experience. This is just the beginning.”
The bank explains that the eVault platform ensures authentication of the original documents in passing between owners, irrespective of how many duplicate electronic files there may be of the same record. The repository system relies upon digital tamper-proof seals and has an audit trail that ensures compliance and provides detailed reporting.
Earlier this month, BNY Mellon and Deutsche Bank said they were both integrating a new chatbot on the Symphony platform to enhance the efficiency and seamlessness of the flow of information for clients trading securities on the Hong Kong Stock Exchange (HKEX).
The eVault launch is good news, but as reported last month Deutsche Bank is axing more jobs with 7,000 people set to go from its equities sales and trading business.
In the latest cull, its global headcount will fall from 97,000 to well below 90,000. There is no information on regions or breakdowns, but Deutsche Bank says “associated personnel reductions are underway”.