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Tuesday, September 10, 2013

SAP Offers Connectivity From Corporates To Banks

SAP has created a secure cloud-based financial services network which allows corporations to connect their SAP ERP systems directly to their banks.
The network offers multiple services over one single channel including process integration between financial institutions and their corporate customers, easy exchange of financial messages such as payments and messages, and a way to connect to multiple banks through the same network.
“SAP is about 65 percent of our client base who are on an ERP platform,” said a New York City-based commercial banker. “When the corporates connect with their banks, they don’t connect with just one bank; they connect with multiple banks.” Each connection can take a lot of work and many months of figuring out protocols and how to generate transactions and reconcile them. With the SAP Financial Services Network, the process takes a few weeks and payment is on a subscription basis.
“This is a game changer for our clients because it will make it easier for them to connect their cash management banks and exchanging more and better better data,” said the banker. “Potentially banks could use the data to provide analytics to their corporate customers.” Reconciliations can also be automated, so corporation don’t need a team to clean up their transactions.
The SAP financial service network will be the topic of a roundtable at Sibos in Dubai at 10 a.m. on Tuesday 17 September. Speakers will include Ross Wainwright, global head of financial services for SAP and representatives fromBank of America Merrill Lynch, Citi and the Bank of Tokyo-Mitsubishi.

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