Leading banks will collaborate with SAP to develop a new cloud-based
services platform that is designed to simplify transactions between
corporations and their financial institutions.
The announcement was made at Sibos 2012 in Osaka, Japan and sees SAP’s
Asia-Pacific presence continue to strengthen with The Bank of
Tokyo-Mitsubishi UFJ joining Citi, Royal Bank of Scotland, Bank of
America Merrill Lynch, Deutsche Bank, Nordea and Standard Chartered Bank
coming on board as co-innovators on the project.
SAP has chosen these leading banks to help develop the SAP Financial
Services Network (FSN), a cloud-based corporate-to-bank connectivity
platform.
Hosted by SAP as an on-demand offering, the FSN will facilitate
multi-bank routing, multi-platform payments, on-boarding and corporate
services application development and deployment.
“Last-mile connectivity between banks and their corporate clients is
painful,” said Jeanne Capachin, research vice president, IDC Financial
Insights.
“Banks need to improve the user experience and standardise their
approach. With a strong connectivity platform solution, banks can
increase transparency, improve straight-through processing and focus on
developing new solutions.”
As part of the development of the network, banks and corporations are
contributing their expertise and resources to create a real-world
roadmap that helps deliver full financial integration, connectivity and
service among all participants, said SAP.
SAP continues to invest heavily in banking worldwide, with this
announcement following the general availability of SAP’s latest edition
of the 8.0 banking platform.
According to SAP, this latest offering helps banks face the realities of
compliance, mergers and acquisitions, real-time transactional banking
and advanced risk analysis.
“The future of transactional banking is service-oriented
architecture-based systems,” said Falk Rieker, global head, industry
business unit banking, SAP.
“The 8.0 release represents the type of forward-looking platform that
today’s banks need to better engage with their customers and drive
innovation while reducing costs.”
The new release contains a comprehensive suite of financial tools that
applies integration and analytics on top of risk and compliance and core
banking, supported by over 1000 trained consultants and experts.
Key capabilities of the release include flexible and extensive
processing of deposits and loans products for retail and commercial
banking, advanced collateral handling for loans and mortgages and
high-volume processing of payments.
New features within the platform are planned to be released throughout 2013.
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