The Bank of London announced a partnership with SAP Fioneer
By Joy Dumasia
The Bank of London, the world’s purpose-built global clearing, agency and transaction bank, has teamed up with SAP Fioneer, a global provider of financial services software solutions and platforms, to transform and simplify global clearing and transaction banking.
The Bank of London is the UK’s second clearing bank authorised in the last 250 years. Its technology platform is engineered to be a foundational building block of the borderless economic infrastructure of the future. The solution combines The Bank of London’s own unique patented technologies in parallel with SAP Fioneer’s proven hyper-scalable cloud banking platform.
SAP Fioneer’s Cloud for Banking platform (C4B) is seamlessly integrated with The Bank of London’s API, providing the UK’s first fully integrated real-time, friction-free compliance, clearance, settlement, and payments solution designed to service banks, FinTechs and corporates. After the expected go live in October 2022, the solution will provide the fastest connection to payment schemes in the market.
Anthony Watson, Group Chief Executive & Founder of The Bank of London, commented: “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.”
Dirk Kruse, CEO at SAP Fioneer, commented: “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.”
IBS Intelligence recently reported that COMO, a global automated PayTech company, has selected SAP Fioneer’s Cloud for Banking (C4B) application. This partnership will allow COMO’s customers immediate access to rich core banking functionality while enabling real-time payment transactions and reducing costs by up to 60% for corporates.
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