Telecom Lead Europe: SAP has signed an agreement with
Citi and the Royal Bank of Scotland (RBS) to co-innovate a cloud-based services
The interoperable, multi-bank platform is expected to
integrate banks with their corporate customers.
SAP’s expertise in enterprise resource planning, treasury
management software and new cloud services technologies is driving the solution
development. SAP aims to deliver a new, innovative solution to the corporate
banking marketplace. For this, SAP will utilize the expertise and global
networks of Citi and RBS.
“Integrating banks with corporate ERP and treasury
systems has always been an expensive proposition for banks and corporations
alike. Furthering SAP’s commitment to the cloud, the banking industry and our many
thousands of corporate customers, this solution will dramatically ease
corporate banking. This will allow corporate customers to seamlessly extend
their ERP and treasury systems and interface with multiple banks,” said
Sanjay Poonen, president, Global Solutions, SAP.
The new solution from SAP is intended to closely link
banks’ transaction systems with the ERP and treasury systems at corporate
businesses. This aims to help streamline financial transactions, such as
payments, while enabling new, on-demand banking services to be delivered via
“We are working toward a solution with SAP to remove
integration barriers and facilitate greater connectivity to Citi’s global
network of more than 90 countries and over 100 currencies,” said Naveed
Sultan, global head, Treasury and Trade Solutions, Citi.
“The cloud-based corporate-to-bank
initiative is an important step for corporate customers toward simplifying
the complexity of connecting with their banks,” said Kevin Brown, global
head, Transaction Services Product, International Banking, RBS.