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.

The post SAP for Banking Solutions Community Welcomes Standard Chartered appeared first on InsideSAP Asia.

Standard Chartered Bank joined forces with SAP Ariba to capitalize on the Ariba Network, the world’s leading B2B network operating in more than 190 countries. The strategic collaboration aims to make the Bank’s financial supply chain solutions easily accessible to businesses in the Asia Pacific region through the network.

The SAP Ariba and Standard Chartered partnership intends to accelerate the digitalisation of the entire supply chain, thus, improving efficiency, transparency, and accuracy for both the buyers and suppliers. Through Ariba Network, by the end of 2019, buyers will be able to seamlessly manage their payments and supply chain finance needs with the SAP Ariba digital platform. Moreover, through Standard Chartered’s global network, suppliers will get quicker access to financing and foreign exchange.

Standard Chartered, a leading international bank with 60 markets worldwide, and SAP Ariba, the leader in global Spend Management, are committed to supporting sustainable economic growth and making financing more accessible to companies. The two global organisations aim to do so by connecting business communities and facilitating increased commerce across the globe.

Lisa Robins, Global Head of Transaction Banking at Standard Chartered said that the company’s goal is to make life easier for their clients and their ecosystems as of the bank and its customers evolve. She added:

 “We are delighted to collaborate with SAP Ariba to support our clients throughout their procure-to-pay lifecycles and beyond. As we embrace open banking, we connect communities across our footprint and provide access to integrated solutions that enable our clients to grow their businesses sustainably.”

According to Sean Thompson, Senior Vice President of Business Network and Ecosystem at SAP Ariba and SAP Fieldglass, with regards to procure-to-pay process, customers expect it to be easy, efficient, comprehensive and seamless.

 “We are thrilled to welcome Standard Chartered into our ever-expanding ecosystem to deliver financing options that enhance value for our customers, allowing them to complete the procure-to-pay process end-to-end on a single platform,” said Thompson.

About Ariba Network

Ariba Network allows buyers and suppliers to collaborate on transactions, strengthen their relationships, and discover new business opportunities within a single, networked platform. For buyers, managing the entire procurement process from source to settle, while controlling spending, finding new sources of savings, and building a healthy, ethical supply chain is now made possible. As for the suppliers, they can help buyers achieve their procurement transformation goals while boosting customer satisfaction, simplifying the sales cycle, and improving cash flow.

Ariba Network is forecasted to transact $3 trillion in business commerce this year. To date, the network connects over 4.1M companies worldwide, including 76{aa282f308afcc222aaa21b0478c79e01a8fedd01972e2180867097bd93930f22} of the Fortune 2000.

About Standard Chartered

As a leading international bank, Standard Chartered offers banking services that help people and businesses prosper across Asia, Africa, and the Middle East. Its network serves customers in close to 150 markets worldwide. 

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges in addition to the Bombay and National Stock Exchanges in India.

The post Standard Chartered Taps World’s Largest B2B Network appeared first on InsideSAP Asia.