Standard Chartered Selects SAP Multi-Bank Connectivity Cloud Solution

Standard Chartered, a leading multinational banking and financial services company, recently announced that it has tapped the SAP Multi-Bank Connectivity, a software-as-a-service cloud solution, to offer an enhanced experience to corporate clients.

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With the solution, Standard Chartered will meet its clients’ transactional banking needs, simplify the onboarding process, and deliver both traditional and new banking services in real time.

By joining the community, Standard Chartered’s clients who are already part of the corporate network can be onboarded into a digital experience including end-to-end payment processes, automated reconciliation, and real time updated cash position.

Standard Chartered is also among the pioneering banks supporting application programming interface (API) with SAP Multi-Bank Connectivity, which aims to offer on-demand real time debit and credit notification when cash is received by clients in their banking account, and trigger a subsequent workflow to replenish a customer’s credit line to enable new purchases or for goods shipment to occur.

“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,”Philip Panaino, Global Head, Cash Management at Standard Chartered, said.

“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,”Eileen Chua, Managing Director, SAP Singapore said.

Earlier this month, Standard Chartered has released its financial results for the third quarter of 2021, disclosing a robust financial performance.