Standard Chartered has joined the SAP for Banking solutions community and is now a part of the SAP Multi-Bank Connectivity (SAP MBC) offering, aiming to improve customers’ digital experiences by enabling real-time cash position updates, automated reconciliation, and end-to-end payment processes.
Established in 1969 through the merger of Standard Bank and Chartered Bank, Standard Chartered currently has a network spanning Asia, Africa, the Middle East, and beyond. Serving customers in close to 150 markets worldwide, the firm has been increasing its investment in new platforms, partnerships, and ventures to redefine the business with innovation as its core strategy.
Following a strategic collaboration with SAP Ariba in 2019, Standard Chartered has expanded its relationship with the SAP ecosystem to improve its ability to provide customers with on-demand treasury experiences within their existing landscape and accelerate the adoption of its comprehensive suite of application programming interfaces (APIs). Intending to deliver a better experience for corporate clients in terms of meeting transactional banking needs, streamlining the onboarding process, and bringing both traditional and new banking services in real-time, the financial services company has once again partnered with the German tech giant for the SAP Multi-Bank Connectivity (SAP MBC) solution.
Expressing delight at the latest partnership, Philip Panaino, Global Head of Cash Management at Standard Chartered, said in a statement:
“We are excited to be a part of the SAP Multi-Bank Connectivity offering, and bring the ease and security of digital connectivity to our clients in an ecosystem that they are already a part of. This collaboration extended beyond historical connectivity to include our first API-enabled account notifications functionality via the SAP corporate-to-bank channel, and we are not stopping here – we will continue to explore a wide variety of use cases where APIs can deliver greater agility, speed, and productivity for our corporate clients and partners.”
Standard Chartered Joins SAP for Banking Community to Advance Digital Experience for Clients
Indeed, COVID-19 has intensified the shift to digital banking, requiring greater automation and support for real-time payments both by corporations and their banking partners. As a cloud-based Software-as-a-Service (SaaS) solution for simplifying and automating financial transactions between enterprises and their financial institutions, SAP MBC integrates with SAP S/4HANA and SAP enterprise resource planning (ERP).
Now that Standard Chartered has joined the SAP for Banking community, clients that are already members of its corporate network can be onboarded into a digital experience that includes end-to-end payment processes, automated reconciliation, and real-time cash position updates. Moreover, the leading international banking group is also one of the first companies to support SAP MBC’s APIs, which aims to provide on-demand debit and credit notification in real-time, as well as stimulate a subsequent workflow to regenerate a customer’s credit line, allowing new purchases or goods shipment.
Commenting on the new collaboration, SAP Singapore Managing Director Eileen Chua shared:
“In this era of the ‘never normal’, organisations like Standard Chartered have embraced a cloud-first mindset to truly become an intelligent enterprise to support its business transformation strategy, and to drive sustainable, inclusive growth as financial ecosystems increasingly become more competitive.”
“With SAP Multi-Bank Connectivity solution, Standard Chartered can better achieve its goals of leveraging the power of the cloud and a robust digital core, streamlining and automating communications with banks around the world, and simplifying treasury operations and better managing its cash assets,” Chua further added.
Last month, Standard Chartered also teamed up with FinLync assist corporate treasury and finance departments in accessing the bank’s API capabilities. FinLync’s technology aims to embed account data directly into customers’ ERP platform, particularly SAP, allowing for real-time visibility into account data and cash positions.
