COMO joins hands with SAP Fioneer for its Cloud for Banking (C4B) app. COMO is an automated PayTech organization with a global footprint and it has partnered with SAP to enable its consumers to have quick access to huge core banking functions while making real-time payments and minimizing up to 60% of the cost for corporates.
Angela Nickel, CEO, COMO Group and Member of the Board, iBAN-X by COMO, stated, “As we transition to a digital economy, we are focused on ensuring businesses digitize their supply and value chain while accelerating customer payments and settlement time. With SAP and SAP Fioneer, we have selected the most stable cloud banking platform on the market to support treasury departments to revolutionize their payment systems by reducing anti-money laundering (AML) and know your client (KYC) risk, increasing transparency and being able to offer multiple payment methods across the globe – all through a single platform. This partnership is another key milestone on our mission to enable our customers’ digital journey and simplify the world of payments,”.
iBAN-X by COMO relies on Cloud for Banking (C4B) system and infrastructure that allow iBAN-X to become part of the state-of-the-art financial solutions. It further takes consumers to real-time core banking activities on a single cloud platform and gives access to IBAN accounts in over 25 currencies 24*7 processing.
C4B integrated to SAP Fioneer’s runs on SAP’s S4/HANA and it is an open platform, with a low total ownership cost.
COMO, a Luxembourg-based company offers iBAN-X, a digital cross-border multi-currency IBAN account service for payment service providers (PSPs), marketplaces, FinTechs, and platforms.
Dirk Kruse, CEO, SAP Fioneer, said, “We are excited about partnering with COMO as a company whose purpose of supporting customers on their digital transformation journey and delivering innovative cloud solutions at an accelerated pace, closely aligns with ours. We’re proud to have built a banking-as-a-service platform for COMO in as little as three months.”