Deutsche Bank today announced the implementation of a hybrid payment solution for Sri Lankabased John Keells Holdings PLC (JKH) that will streamline the company’s payment processes managed by its shared service centre, InfoMate (Pvt) Ltd.
As a wholly-owned subsidiary of JKH, InfoMate (Pvt) Ltd. serves as a shared service centre for JKH and its businesses. With USD1.45 billion in market capitalisation*, JKH is the largest listed conglomerate on the Colombo Stock Exchange. JKH specialises in numerous sectors including food and beverage, transport, leisure, information technology, business process outsourcing, financial services, property development, plantation and investor services.
Due to its complex and diverse payment and collection requirements, the company’s process workflow for its supplier payments was previously run separately from other payment workflows. JKH has now implemented a hybrid payment solution, which connects Deutsche Bank’s electronic banking and supplier finance platforms to JKH’s ERP interface, resulting in greater operational efficiencies within its shared service centre, as well as cost reductions. The company’s payment files are automatically uploaded from JKH’s shared service centre to Deutsche Bank’s platforms, thereby creating an efficient seamless payment process.
Mahesh Kini, Deutsche Bank’s Regional Head of Cash Management for Corporates – Asia Pacific, Global Transaction Banking, said: “We are delighted to be able to help John Keells consolidate its payment processes. We continue to see an increasing demand from local corporations across the region for customised payment solutions such as the one we have successfully implemented for John Keells.”
Thushy David, Head of Trade Finance and Cash Management in Sri Lanka for Deutsche Bank’s Global Transaction Banking division said: “We are proud to have been chosen to work with a leading conglomerate like John Keells. By using this hybrid payment solution created by Deutsche Bank, John Keells will see the direct benefits through cost savings and operational efficiencies. This mandate also helps to solidify our market leadership in the transaction banking space in Sri Lanka.”
Commenting on the solution, Jehan Perinpanayagam, Chief Executive Officer of InfoMate (Pvt) Ltd. added: “The innovative payment solution developed by Deutsche Bank has enabled us to achieve end-to-end automation with seamless integration. With our new processes, our centre will also achieve considerable time and cost savings, equivalent to almost seven work weeks per year, which is significant. We are very pleased with these results.”
About Global Transaction Banking
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world.
Through our range of cash management, trade finance, treasury, trust and securities services, Global Transaction Banking helps companies all over the world to focus on achieving their business goals.
Every day, in multiple locations, we process and clear domestic and cross-border payments, arrange finance for international trade and act as trustees, agents and custodians for clients. The visibility on clients’ financial landscapes we gain as a transaction bank puts us in a unique position to see risk and identify where the bottom line can be grown. By working in close partnership with the rest of the bank, we help our clients optimise every opportunity.
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