An Evolution in Banking
The world’s first global clearing, agency and transaction bank, The Bank of London, is collaborating with SAP Fioneer, a global financial services, software solutions and platforms company, to simplify and evolve global clearing and transaction banking.
The Bank of London is only the second clearing bank authorised in the UK in 250 years. Their technology platform is designed to be a foundational component of a future economic infrastructure without borders. The collaboration between SAP Fioneer and The Bank of London combines the Bank of London’s unique patented technologies with the hyper-scalable cloud banking platform of SAP Fioneer.
SAP Fioneer Supports Financial Services
SAP Fioneer began in 2021 as a joint venture between SAP and the private equity firm Dediq GmbH, intended to be a catalyst for financial services industry innovation. Commenting on the announcement of the creation of SAP Fioneer last year, SAP CEO Christian Klein said:
“Through partnering with Dediq, we will significantly increase our support for the digital transformation of customers in the financial services industry and deliver innovative cloud solutions at an accelerated pace that help them transform their business holistically. Financial services is a key industry for SAP, and today we not only reiterate but also reinforce our commitment to this market.”
C4B, SAP Fioneer’s Cloud for Banking platform runs on SAP S/4HANA Enterprise Cloud and SAP Business Technology Platform. It integrates with The Bank of London’s API: resulting in a complete integration in real-time, with a friction-free compliance, clearance, settlement, and payments solution designed to cater for banks, fintechs and corporations. The solution will provide the fastest connection to payment schemes in the market after go-live which is expected in October 2022,
Commenting on the collaboration, Anthony Watson, The Bank of London’s Group Chief Executive & Founder 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.”
The CEO of SAP Fioneer, Dirk Kruse, added:
“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.”
By working in conjunction with The Bank of London, SAP Fioneer is demonstrating a clear intention to provide the financial services industry with the technological innovations in the cloud that are necessary to meet new challenges such as balancing agility, with risk assessment and resiliency.
This new suite of products will provide the financial services and their customers with greater liquidity through accelerated transactions and clearing.