Deutsche Bank provided its client with a solution that enabled the company to support its international and domestic payments, including tax payments
Leveraging Deutsche Bank’s powerful conversion platforms, a flexible XML integration solution was delivered to HUL and allowed the client to achieve its objectives. These included integrating HUL’s legacy bespoke XML file, processing payments via Straight Through Processing and the new XML Version 3 for HUL’s e-tax payments. This all involved capturing a large number of taxes and information in a standardised format and ensuring that the customised XML file to be processed complied with ISO 20022 standards. The entire solution was designed and developed by Deutsche Bank in partnership with HUL.
Benefits for the client
The solution provided HUL with a fully-integrated XML solution enabling the company to support all of its international and domestic payments, including tax payments. In addition, HUL benefitted from Deutsche Bank’s ability to provide conversion solutions that achieved both standard and customised conversion solutions by leveraging state-of-the-art technology platforms. HUL’s partnership with Deutsche Bank allowed the company to pay tax to multiple states and central tax authorities via global payment formats. The growing success of XML ISO 20022 has been based on the increasing market trends towards centralization, automation and standardization in the payments arena.
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