SAP Fioneer, a pioneer of financial services software solutions and platforms, has announced its partnership with The Bank of London. This collaboration is to provide better and enhanced banking services including global clearing and transaction services.
SAP Fioneer offers Cloud for Banking platform (C4B) which is expected to be integrated with the Bank of London’s API to offer the customers of UK a completely integrated real-time, seamless, settlement, clearance, and payments solution. These solutions are developed to provide services to banks, FinTechs and other financial institutions. This collaboration is expected to commence by October 2022 which once implement will offer quick payment schemes in the market.
Dirk Kruse, CEO, SAP Fioneer, stated, “To achieve real innovation and disrupt the global clearing and transaction market at the heart of banking, The Bank of London needed a partner who could deliver stable solutions at hyper-scale. SAP Fioneer provided exactly that: rooted in world-class technology coupled with the agility to co-innovate and seamlessly integrate with our customers’ systems. We are excited to partner with The Bank of London to achieve its goals and support its growth journey as a major player in the market.”
Apart from this, SAP Fioneer has also been associated with a PayTech organization COMO to offer the customer base of COMO to access core banking services along with real-time payment services, which has significantly reduced the costs for the organizations.
The technology of Bank of London is developed to act as a core system for the borderless financial system in the coming years. This platform consists of the bank’s exclusive patented technology along with SAP’s cloud banking platform services.
Anthony Watson, Group Chief Executive & Founder, The Bank of London, said, “Combining our offering will provide the world’s leading solution for compliance, clearing, payments and settlement in GBP, EUR and USD. Now banks, FinTechs and corporates gain significant advantages over their competitors, benefiting from near-instant clearing, settlement and payments without liquidity constraints or financial intermediary friction in the flow of funds.”