SAP has announced the expansion of its team of banking partners involved in the improved delivery of corporate-to-bank payment services.
The cloud-based, on-demand application being developed is intended to capture the benefits of straight through processing of financial transactions for firms using SAP Enterprise applications, generating revenue growth for financial institutions and lowering per-transaction costs for those corporations.
Earlier this year SAP announced the initiative with Citibank and RBS participating as partner banks. Today, they announced the expansion of the development group for the Financial Services network, adding five leading global institutions: Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, Nordea and Standard Chartered.
According to SAP:
SAP Financial Services Network aims to facilitate multi-bank routing, multi-format payments, on-boarding and corporate services application development and deployment. The network is also intended to facilitate core transaction management among banks, corporations and treasury service providers. As part of the development of the network, banks and corporations are contributing their expertise and resources to create a real-world road map that helps deliver full financial integration, connectivity and service among all participants.
The goal of the group is to develop new functionality in SAP-integrated applications that will improve the efficiency of B2B financial transactions and the handling of the associated remittance information and general ledger accounting.
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