Standard Chartered has tapped SAP for its Multi-Bank Connectivity system to improve connectivity and automate financial transactions between businesses and financial institutions.

The German multinational produces ERP software

The Software-as-a-Service solution will enhance the transactional banking experience for corporate clients, Chartered says, simplifying the onboarding process and delivering both traditional and new banking services in real-time.

SAP’s Multi-Bank Connectivity integrates with its enterprise resource planning systems S/4HANA and SAP ERP.

Standard Chartered’s clients will be able to utilise end-to-end payment processes, automated reconciliation and real-time updated cash position.

The global pandemic has accelerated the pivot to digital-first banking, Chartered says, with businesses and large enterprises wanting more connectivity and information from their banks, resulting in a greater need for both corporates and banks to automate and support real-time payments.

Standard Chartered’s global head of cash management, Philip Panaino, says: “This collaboration extended beyond historical connectivity to include our first API-enabled account notifications functionality via the SAP corporate-to-bank channel.

“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.”