Leading banks including Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Citi, Deutsche Bank, Nordea, Royal Bank of Scotland and Standard Chartered Bank will partner with SAP as co-innovators for a cloud-based services platform which aims to simplify transactions between corporations and their financial institutions.
The leading 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 SAP Financial Services Network, banks and corporations will be contributing expertise and resources to deliver full financial integration, connectivity and service among all participants.
SAP Financial Services Network, 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.
SAP Banking Industry Development global head Don Trotta said the company will help deliver business applications in a single application with end-to-end connectivity.
"Taken together, SAP Financial Service Network aims to help lower costs, improve response times, simplify compliance and reduce the risk in all corporate-to-bank transactions," Trotta said.