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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