Standard Chartered and Huawei are developing an Internet of Things (IoT) powered solution.
The aim is to revolutionise the way corporates communicate with banks for financing or payments.
Standard Chartered and Huawei plan to do away with manual paper-based or emailed instructions.
On the contrary, corporates’ and banks systems will be able to ‘speak’ to each other in real-time, triggering financing or payment instructions through APIs.
Standard Chartered, Huawei combine IoT and cloud
The solution combines IoT and cloud capabilities. Banks will be able to track the movement of goods on a real-time basis resulting in reduced operational risks and providing reliable data that can be used in financing decisions.
Real-time data enables straight-through processing for a wider class of use cases and will significantly reduce turn-around times. In turn this opens up possibilities for a broader range of financing solutions for manufacturers and their distributors.
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.
In particular, real-time data is collected through a series of agents while providing user-friendly open APIs to application developers.
Michael Gorriz, Group CIO of Standard Chartered said: “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. We found in Huawei a strong partner who shares our passion to transform the way we would like to support our clients.
“It makes banking seamless and effortless for them through the application of cutting-edge Internet of Things technology. We look forward to piloting the solution with clients and working with Huawei and other technology partners to explore new use cases.”
SC Ventures business unit supports fintech
Standard Chartered has been actively working with tech companies to co-develop solutions to improve client experience and increase efficiency. Earlier this year, Standard Chartered set up SC Ventures. The business unit supports intrapreneurship and innovation, invests in fintechs, and sets up disruptive ventures.
SC Studios, in Silicon Valley, allows the bank to connect with the latest technologies, tech companies, fintech and investor communities.
Standard Chartered opened its eXellerator innovation laboratory in Hong Kong earlier this year, complementing the eXellerator laboratory in Singapore. At the same time, a state-of-the-art technology centre in Bangalore, puts it at the heart of the action in the “Silicon Valley of the East”.