Market Overview

Newsbyte: SAP to Work Closely With Citi and The Royal Bank of Scotland to Co-Innovate a Cloud-Based Services Platform

Share:

Newsbyte: SAP to Work Closely With Citi and The Royal Bank of Scotland to Co-Innovate a Cloud-Based Services Platform

PR Newswire

WALLDORF, Germany, April 19, 2012 /PRNewswire/ -- SAP AG (NYSE: SAP) today announced that it will work closely with Citi and The Royal Bank of Scotland (RBS) to co-innovate a cloud-based services platform. The highly interoperable, multi-bank platform aims to seamlessly integrate banks with their corporate customers. A combination of SAP's deep expertise in enterprise resource planning (ERP), treasury management software and new cloud services technologies is driving the solution development. Together with the industry expertise and global networks of Citi and RBS, SAP aims to deliver a new, innovative solution to the corporate banking marketplace.

(Logo: http://photos.prnewswire.com/prnh/20110126/AQ34470LOGO)

"SAP has prided itself in customer-centric innovation, in this case creative innovations in banking that can increase the velocity of information flow between banks and their corporate customers," said Sanjay Poonen, president, Global Solutions, SAP. "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."

Due to size, complexity and a reliance on non-standardized legacy systems, banking architectures have historically been isolated entities unique to each bank. This has led to businesses and banks shouldering the burdens of higher connectivity costs and juggling multiple relationships with one another. SAP, Citi and RBS have tasked themselves to define a new, more flexible architectural model that reduces the cost and time-to-value of these interactions.

SAP is taking the lead in developing the solution, which is intended to more 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 the cloud.

"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. "As a leading international bank, it is always Citi's desire to bring new innovations to the forefront of the industry. Leveraging the cloud is one effort in Citi's goal to be the world's 'Digital Bank.' Through our pioneering work here, we hope to bring banks and businesses closer together and create a springboard to new innovations and value creation in the future."

"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.

For more information, visit the SAP blog Banking View and the SAP Newsroom. Follow SAP on Twitter at @sapnews and @sapforbanking.

Media Contacts:

Johannes Gillar, SAP, +49 (6227) 747177, johannes.gillar@sap.com, CET
Anthony Suarez, Burson-Marsteller, +1 (212) 614-4331, anthony.suarez@bm.com, EDT
Nina Das, Citi, +1 (212) 816-9267, nina.das@citi.com, EDT
Aoife Reynolds, RBS, +44 20 3361 1588, aoife.reynolds@rbs.com, GMT

 

 

SOURCE SAP AG

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com