Service provides corporate-to-bank connectivity.
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Press Release Summary:
With SAP Consulting Package for bank connectivity, banks will be able to move away from proprietary applications to streamline payment cycles, consolidate security log-in points, and optimize compliance management. Package was developed to provide banks with educational resource to better leverage potential of standards-based corporate-to-bank connectivity based on XML messages.
Original Press Release:
SAP Launches Corporate-to-Bank Connectivity Service Offering for Banks
Service Package to Offer Banks Insight on Cost Savings and Value-added Services behind Standards-based Integration with Corporations
BOSTON, Oct. 1 /- SAP AG (NYSE:SAP) today announced a new service offering for banks to help them prepare for and take advantage of the latest technological advances in corporate-to-bank connectivity. The SAP consulting package outlines the benefits of standards-based, real-time corporate-to-bank connectivity in reducing costs and IT complexity while increasing wallet share and enhancing customer satisfaction. The announcement was made at Sibos, the world's premier financial services event, being held in Boston, October 1-5.
The go-to-market service offering will be complementary to the SAP(R) Bank Relationship Management application and SAP Integration Package for SWIFT, a standardized software solution linking SAP ERP directly to SWIFTNet, the IP-based messaging platform connecting nearly 8,100 financials institutions in 208 countries and territories. The consulting package was developed to provide banks an educational resource to better leverage the potential of standards-based corporate-to-bank connectivity based on XML messages.
A recent study, "Are You a Strategic Thinker" conducted by financial news services Finextra and SAP found that over 86 percent of respondents who are responsible for payments are embracing the new XML message types. But of these respondents, 32 percent are only interested in using this standardization for interbank connections. Such a finding demonstrates the need for better understanding of utilizing XML messaging for corporate-to-bank connections.
Today, banks and corporations maintain multiple payment channels and communication lines, often haphazardly integrated with ERP and transactions systems. This complexity increases business inefficiencies and security gaps and leads to higher support costs. With the SAP consulting package for bank connectivity, banks will be able to move away from proprietary applications to streamline payment cycles, consolidate security log-in points and improve compliance management. Additionally, specific value-added services can be delivered through the offering based on customer preferences.
"With this additional service, banks will be able to enlarge their offering for their corporate customers," said Christian Kothe, head of SWIFT Central & Eastern Europe. "Unified corporate-to-bank connectivity will, over time, benefit both banks and corporations as the corporate offerings continue to evolve. This offering was a natural progression of the partnership SWIFT has with SAP."
"With the evolution of standardized protocols and ERP applications, the opportunity now exists to create a fully contained corporate-to-bank ecosystem for all financial transactions," said Karl Kesselring, vice president OEM Sales & Partner Management, Global Banking Line of Business, SAP Labs, LLC. "Corporations have been the main protagonist in the popularity of corporate-to-bank connectivity, but banks have their own important role to play. Through the SAP consulting package for bank connectivity, our customers will get a better picture of what their vested interests are in this new framework and will give them the proper tools to build the framework from their end."
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