Keywords: SAP, cloud services, cloud technology, Bank of America Merrill Lynch, Citi, Deutsche Bank, Nordea

Banks to collaborate with SAP for development of cloud-based connectivity platform

Susie West | News | 6 November 2012

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The Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Citi, Deutsche Bank, Nordea, Royal Bank of Scotland and Standard Chartered Bank have all recently announed they will be partnering with SAP as co-innovators for a cloud-based services platform which aims to simplify transactions between corporations and their financial institutions.

The banks will help SAP in developing the SAP Financial Services Network (FSN), a cloud-based corporate-to-bank connectivity platform.

As part of the development of the FSN, banks and corporations will be contributing expertise and resources to deliver full financial integration, connectivity and service among all participants.

The FSN, which is hosted by SAP as an on-demand application, will facilitate multi-bank routing, multi-format payments, on-boarding and corporate services application development and deployment.

In addition, the network also will facilitate core transaction management among banks, corporations and treasury service providers.