(10 November 2021 – Singapore) Standard Chartered has tapped the SAP Multi-Bank Connectivity solution and joined as a member bank, aiming to offer an enhanced experience to corporate clients in meeting their transactional banking needs, simplifying the onboarding process, and delivering both traditional and new banking services in real time.
SAP Multi-Bank Connectivity is a Software-as-a-Service cloud solution natively integrated to SAP S/4HANA and SAP ERP which is targeted at simplifying connectivity and automating financial transactions between businesses and their financial institutions.
By joining the community, Standard Chartered’s customers can be onboarded into a digital experience including end-to-end payment processes, automated reconciliation, and real-time updated cash position.
“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,” said Standard Chartered Cash Management Global Head Philip Panaino.
East and Partners research reveals the use of APIs for corporate-bank connectivity is gaining traction in Asia Pacific, especially among the larger corporates. In fact, more than half of the businesses in the region are expected to adopt APIs in the next 12 months.