SAP Fioneer’s Cloud for Banking platform (C4B) has recently been integrated with the application programming interface (API) of The Bank of London.
SAP Fioneer is a company that was established in September 2021 as a joint venture between the enterprise software giant SAP and entrepreneurial investor Dediq. The company’s goal is to empower the next generation of financial services with cutting-edge software and solutions. The integrated Cloud for Banking platform (C4B) from SAP Fioneer operates on SAP S/4HANA Enterprise Cloud and the SAP Business Technology Platform (SAP BTP).
Moreover, SAP Fioneer is the German software vendor’s response to the need of its clients to expedite digitalization in core banking, core insurance, and financial services industry-focused solutions. With offices and operations spread across the globe, SAP Fioneer has a solid footprint in Europe, North and Latin America, and the Asia-Pacific region.
Recently, SAP Fioneer’s Cloud for Banking platform (C4B) has been integrated with the application programming interface (API) of The Bank of London. SAP Fioneer and The Bank of London’s integration has resulted in the creation of a comprehensive compliance, clearance, settlement, and payments service in the United Kingdom.
Furthermore, the collaboration is designed to provide support to banks, financial technology companies, and corporate clients. With the solution planned to go operational in October this year, it is anticipated to give the fastest connectivity to payment schemes that are now available on the market.
Integrating The Bank of London’s API with SAP Fioneer Cloud For Banking
The Bank of London, the world’s first purpose-built global clearing, agency, and transaction bank, has been established in November 2021 as the UK’s sixth principal clearing bank. Financial institutions, including banks, clearing houses and digital and traditional asset companies as well as government agencies, payment networks and non-financial product lines pursuing to initiate interoperable range of financial services across borders rely on The Bank of London, which also has office locations in New York and Belfast.
According to The Bank of London Founder and Group Chief Executive Anthony Watson, the combination of SAP Fioneer’s solution and the offering made available by The Bank of London would result in the production of the most advanced solution in the world for compliance, clearing, payments, and settlement in GBP, EUR, and USD. He further added:
“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.”
Within the past 250 years, the UK’s second clearing bank to be authorized was The Bank of London. The institution’s technological platform was designed to become a cornerstone component of the future’s global economic infrastructure. Additionally, the platform leverages a combination of The Bank of London’s exclusive patented technology in conjunction with the hyper-scalable cloud banking system developed by SAP Fioneer.
Meanwhile, SAP Fioneer Chief Executive Officer Dirk Kruse explained that in order for The Bank of London to accomplish true innovation and disrupt the global clearing and transaction system at the core of banking, the institution required a partner that was capable of delivering stable solutions on a hyper-scale environment. He revealed:
“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,” Kruse remarked.