As companies continue to seek better control and increased productivity, many are placing greater demands on their banks to provide real-time, content-rich information. Standardization is critical for organizations to achieve these goals across all their banking relationships while controlling costs.
Traditional transactional banking system landscapes often cannot fulfill these expectations, and many banks are finding it difficult to connect with their customers in meaningful ways. To keep up with customer demand and remain competitive, the banking industry needs to make a seismic shift from batch to real-time, from bespoke to standard, and from reactive to proactive.
Complexity in Banking Connections
Organizations need direct connections to each bank with which they work, meaning that an organization can have dozens of connections to banks around the globe. Complicating the issue, every bank has different security and payments standards.
This bank-specific approach, in which every connection is a project in itself, can be expensive and time consuming, and reallocating your company’s activities from one bank to another can be daunting. Organizations need banks to integrate into their business processes, not the other way around.
To help ease the connectivity burden, SAP has developed SAP Financial Services Network, an innovative, on-demand solution that connects banks and other financial institutions with their corporate customers on a secure network owned and managed by SAP. The network offers multiple services over one single channel while supporting new service deployment. SAP Financial Services Network provides a single point of connectivity and message transformation so that organizations can communicate with all of their banks in the same manner without worrying about bank-specific data mappings and formats. Implementation is straight forward, as the network implements directly into SAP ERP and connects organizations securely.
DBS Bank Ltd, a leading financial services group in Asia with more than 250 branches across 17 markets, decided to connect with its corporate customers in a standardized manner using SAP Financial Services Network. Through enhanced standardization, global support, and scalability, the network will allow DBS to deliver innovative services to its corporate clients that previously weren’t possible. DBS will be able to onboard clients more quickly and offer more personalized services, combining solutions that provide payments, supply chain, foreign exchange, and other functionality to meet customer needs.
A Win-Win for Banks and Customers
For both financial institutions and their customers, SAP Financial Services Network brings many benefits. Corporations can connect and transact with multiple banks through a single interface, shortening onboarding time, eliminating error-prone manual operations, reducing the need for onsite skills, and lowering costs — with no additional on-premise hardware or software. SAP and its partners also provide a wide variety of value-added services to help banks integrate their key processes and connect with corporate customers. Learn more at www.sap.com/FSN.