In an interview with Banking Technology, Christian Westerhaus, Global Head of Product & Strategy, Institutional Cash Management, Deutsche Bank, explains what crucial elements must be considered with regards to correspondent banking, moving forward. In particular, Westerhaus discusses the challenges that correspondent banks face and the impact that correspondent banking’s current priorities will have on business models in the industry.
These priorities include safety and soundness, business governance, and – for financial institution clients – AML, KYC and security, while regulatory priorities include Funds Transfer Regulations and intraday liquidity reporting. Westerhaus goes on to explain that this means building investment budgets – having first clearly understood client, market and regulatory needs.
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