Deutsche Bank Launches Instant Cash Reporting (ICR)

Deutsche Bank has gone live with Swift’s Instant Cash Reporting (ICR) – a new, API-driven  solution that enables large corporate and financial institutions to access real-time account  and balance information with a single, standardized connection.  

As part of Deutsche Bank’s expanding API capabilities, the ICR solution delivers immediate,  on-demand financial data access through the Swift infrastructure. It combines Deutsche  Bank’s API product offering with the trusted, secure connectivity of Swift – creating a  seamless channel for corporate clients to access vital cash information. 

Through ICR, corporates can collect real-time account and balance data via a single access  point using the ISO 20022 data model and secure JSON format. Identification and  authorization are meeting the highest standards of cybersecurity and data integrity. 

How it works: 

Swift acts as the central connector, routing API pull requests from corporates to Deutsche  Bank. Deutsche Bank responds with standardized account data in JSON format, tailored to  the corporate’s selected accounts or full account set, based on the associated Swift BIC. 

“Deutsche Bank, leveraging Swift and the API Network, is setting a benchmark for the  industry by offering clients innovative, real-time solutions that enhance cash visibility and  operational efficiency,” said Johnny Grimes, Head of Corporate Cash Product at Deutsche  Bank. “ICR addresses the key demand of corporates for multi bank solutions and consistent  standards in the API space to simplify adoption.” 

Rishikesh Tinaikar, Global Head of Corporates Go-To-Market at Swift, said: “We’ve been  investing significantly in APIs to provide financial institutions with flexible and real-time  access to new solutions. Alongside the introduction of white-labelled, end-to-end tracking  services, and the extension of ISO 20022 across the payment chain, Instant Cash Reporting is  another example of how Swift is enabling its community of banks and financial institutions  to add real value to treasury management teams within their corporate customers.” 

Deutsche Bank and Spain based energy company Iberdrola are the first partners to  implement ICR. Iberdrola highlighted that the ICR API offers significant benefits such as  process automation, error reduction, and improved operational efficiency. Additionally, it  provides real-time access to information and seamless integration with existing systems,  reducing operational costs and optimizing both human and technological resources. ICR API  also enables balance optimization and the identification of unexpected incoming payments,  enhancing financial management and increasing revenue. 

ICR is currently accessible to Swift-connected corporates and financial institutions. Deutsche  Bank is committed to delivering first class API solutions to both Swift connected corporates  and corporates using other connectivity channels. 

Deutsche Bank welcomes other banks and corporates to join the initiative to support scaling  up the usage of multi bank API solutions. 

By launching Deutsche Bank Instant Cash Reporting, the bank reinforces its promise to provide cutting-edge treasury solutions that give clients access to real-time financial data.