SAP AG (NYSE: SAP) today announced that Citi's Treasury and Trade Solutions has subscribed to SAP Financial Services Network, which streamlines transactions between corporations and their financial institutions.
One of the first co-innovators for the network, Citi's Treasury and Trade Solutions is now adding a new, innovative option to its set of integration solutions. The announcement was made at the AFP Annual Conference, being held October 27-30 in Las Vegas, and where today SAP and Citi will host a signing ceremony at 10:00 a.m. CDT at SAP booth 1709.
Corporations and banks require a cost-effective, flexible solution for rapidly connecting to a resilient platform for cash management operations, allowing them to seamlessly transact, vigilantly monitor compliance and seamlessly exchange financial data. Hosted by SAP as an on-demand offering, SAP Financial Services Network facilitates processing, formatting and distribution of transaction banking data among banks, corporations and treasury service providers.
"Our clients are always exploring integration solutions that help reduce operating cost and time to implement," said Andrew Gelb, head of Citi North America Treasury and Trade Solutions. "SAP Financial Services Network addresses clients' needs via a single, comprehensive service offering that simplifies integration between corporates and banks. Citi is pleased to collaborate with SAP and extend our set of integration solutions."
Transaction banks like Citi already offer a wide variety of delivery channels and integration solutions. These include online, mobile, tablet and host-to-host solutions. SAP Financial Services Network is a natural extension, as it now offers an option to connect to banks using the enterprise resource planning (ERP) platform without the use of proprietary or third-party software.
"SAP Financial Services Network offers the seamless connectivity needed for corporate treasurers to address today's challenges head on," said Eric Stine, general manager and managing director, Financial Services, SAP. "We are committed to driving customer-centric innovation by streamlining transactions and delivering on-demand banking services via the private cloud. As the first bank to subscribe to the network, Citi is helping drive innovation in the information flow and reinforcing its position as a leader in digital banking."