Citibank and the Royal Bank of Scotland are working with SAP to develop a cloud platform that will enable businesses to link their systems directly to their banks.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
SAP’s business software expertise and cloud technology will harness the business expertise of the banks as well as their global networks to enable businesses to integrate ERP and finance systems directly to banks.
Sanjay Poonen, president global solutions at SAP, said integrating banks with corporate ERP and treasury systems has always been an expensive proposition for banks and corporations.
“This will allow corporate customers to seamlessly extend their ERP and treasury systems and interface with multiple banks,” said Poonen.
Banks have complicated infrastructures made up of non-standardised legacy systems. This has made it complicated and expensive for corporations and banks, as they have to set up separate integrations for different relationships.
The SAP cloud-based package aims to integrate ERP and finance systems at corporations with bank transaction systems. This will make transactions easier and less expensive.
The platform will also enable on-demand services via the cloud.
“We are working toward a solution with SAP to remove integration barriers and facilitate greater connectivity to Citibank’s global network of more than 90 countries and over 100 currencies,” said Naveed Sultan, global head treasury and trade solutions at Citibank.
“Leveraging the cloud is one effort in Citibank’s goal to be the world’s digital bank,” added Sultan.
“The cloud-based corporate-to-bank initiative is an important step for corporate customers toward simplifying the complexity of connecting with their banks,” said Kevin Brown, global head, transaction services product, international banking at The Royal Bank of Scotland RBS.
SAP’s banking packages are already in use across the banking sector. In November 2011, RBS extended its relationship with SAP when it is replaced an in-house legacy core banking system with an off-the-shelf system from the software maker.
RBS implemented a SAP corporate savings system, known as a deposits liquidity engine, which is used by companies to hold capital. This is a module in SAP’s banking services platform, which RBS is now plugged into.