Standard Chartered and Huawei tackling corporate payments with IoT
Standard Chartered and Huawei are jointly developing an internet of things (IoT) powered solution to address corporate communication with banks for financing or payments.
It aims to enable triggering financing or payment instructions in real-time through APIs, rather than through manual paper-based or e-mail instructions.
The solution combines IoT and cloud capabilities to track goods in real-time, reducing operational risks and providing reliable data that can be used in financing decisions.
Real-time data enables straight-through processing (STP) for a more use cases, according to the firms.
“We found in Huawei a strong partner who shares our passion to transform the way we would like to support our clients and make banking seamless and effortless for them,” says Michael Gorriz, group CIO of Standard Chartered said.
The solution uses Huawei’s OceanConnect, an open platform built on IoT, cloud computing, and big data technologies.
OceanConnect links up with connected devices and collects data while providing open APIs to application developers to design and orchestrate the business process.
Standard Chartered has been working with tech companies to co-develop solutions to improve client experience and increase efficiency.
Recently, it set up a new entity for its virtual bank and has already submitted its application for a virtual banking licence to the Hong Kong Monetary Authority.
Earlier this year, Standard Chartered set up SC Ventures in Silicon Valley, a business unit to catalyse intrapreneurship and innovation, invest in fintechs, and set up disruptive ventures.
Standard Chartered also opened an eXellerator innovation laboratory in Hong Kong earlier this year, complementing the eXellerator laboratory in Singapore.
