Banks collaborate with SAP on cloud platform

Inside SAP Strategic Enterprise Mangement , Banking , People

1. By Anne Widjaja SAP AG has announced plans to work with Citi and The Royal Bank of Scotland (RBS) to co-innovate a cloud-based services platform, designed to integrate banks with their corporate customers. SAP will utilise its expertise in enterprise resource planning, treasury management software and cloud services, and leverage the industry expertise of Citi and RBS in order to create a new solution for corporate banking. According to SAP, this new solution aims to overcome the isolation of each bank’s IT architecture model. Historically, the isolation of banking institutions has become entrenched as a result of differences in size, complexity and the non-standard use of legacy systems. Businesses and banks have therefore been burdened with high connectivity costs because of the need to develop multiple relationships with financial institutions. "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. Sultan also commented that leveraging cloud technology was part of Citi’s goal to be the world’s 'Digital Bank'. “Through our pioneering work here, we hope to bring ... (Read Full Article)

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