Deutsche Bank Securities Services has further automated its custodial services using distributed ledger technology (DLT).
The solution addresses the transparency requirements within many custodial services, such as around the tax processing of asset holdings at an ultimate beneficial owner level, and streamlines complex data and reconciliation processes for both the bank and its clients.
It also allows for sharing of the same information to authorised counterparts, removing duplication and, at the same time, allowing access to the beneficiary details to the relevant party only.
The first stage of implementation will help reform the shareholder information disclosure in Europe for global and sub-custodians, as set out in the Shareholder Rights Directive II, followed by tax processing automation and further product build-out.
After initial implementation in Europe, the solution will be rolled out to other regions.
Jeslyn Tan, global head of product management, Deutsche Bank Securities Services, said: “We are very excited about the opportunities that this solution, and the underlying technology, can bring for our future service model. We continue to remain focused on delivering products that increase efficiencies in the value chain, providing relevant and tangible benefits for our clients.”
