This new solution will allow corporates and banks systems to ‘speak’ to each other in real-time, triggering financing or payment instructions through APIs
Financial Services firm Standard Chartered and Chinese smartphone maker Huawei have teamed up to develop an Internet of Things (IoT) powered solution that could revolutionise the way corporates communicate with banks for financing or payments.
This new solution will allow corporates and banks systems to ‘speak’ to each other in real-time, triggering financing or payment instructions through Application Programming Interfaces (APIs), instead of manual transactions through paper-based or emailed instructions.
Unveiled during Huawei Connect 2018 in Shanghai last week, this new solution combines IoT and cloud capabilities so the bank will be able to track the movement of goods on a real-time basis, reducing operational risks and providing reliable data that can be used in financing decisions.
Availability of real-time data enables straight-through processing for a wider class of use cases and can significantly reduce turn-around times, opening up possibilities for a broader range of financing solutions for manufacturers and their distributors.
Uses Huawei’s OceanConnect
The IoT solution uses Huawei’s OceanConnect, an open platform built on IoT, cloud computing, and Big Data technologies. With a cloud-based unified IoT device management capability as its core, it links up with connected devices and collects real-time data through a series of agents while providing user-friendly open APIs to application developers to design and orchestrate the business process.
“We are committed to delivering financial solutions to our clients across our diverse footprint and to bank businesses of all sizes. Technology can change the fundamental way we do banking,” said Dr Michael Gorriz, Group CIO, Standard Chartered while commenting on the partnership with Huawei.
“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 through the application of cutting-edge Internet of Things technology.”
Qiu Lei, Vice President of Marketing and Product Solution Sales of Huawei Enterprise Business Group, pointed that Huawei’s mission is to help create a fully connected, intelligent world as more industries adopt IoT and embark on their digital transformation journey.
“We partner with Standard Chartered for their strong determination and great vision from the very top echelon of the company to support their clients when it comes to digital transformation,” Qiu Lei asserted.
Earlier this year, Standard Chartered set up SC Ventures, a business unit to catalyse intrapreneurship and innovation, invest in fintechs, and set up disruptive ventures.