SWIFT is joining forces with SAP SE (NYSE: SAP) to offer treasurers a comprehensive, out-of-the-box integration with financial institutions, connecting to the SWIFT network of more than 11,000 financial institutions worldwide.
SAP Multi-Bank Connectivity, a new integrated connectivity solution based on SAP Cloud Platform technology, enables corporate-to-bank connectivity for SAP S/4HANA customers who need to connect with multiple banks, while lowering onboarding costs and increasing transparency and control. Companies can choose between an embedded connection to the SWIFT network, and bank connectivity through their usual banking partners.
Businesses require flexibility to establish relationships with multiple financial institutions. Multi-bank corporates often face challenges collecting, streamlining and implementing the integration of each bank partner. SAP Multi-Bank Connectivity combines the benefits of SAP S/4HANA, with a seamless integration into the SWIFT network, providing a single and secure point of entry by which they can manage all their banks’ relationships.
Christian Mnich, Senior Director, Solution Management Treasury, SAP says “With this partnership we can simplify bank connectivity for our clients, providing them with banking communication across multiple banks and countries. The embedded solution allows companies to accelerate project implementations and increase security standards by leveraging the secured shared infrastructure provided by SAP’s cloud platform.”
“The objective is to lower the barriers of entry that exist for corporates to reach all their banks globally”, adds Marc Delbaere, Head of Corporates and Supply Chain, SWIFT. “With the embedded SWIFT connectivity, corporates have direct access to all banks worldwide. This integrated solution is going to ease the lives of many corporate treasurers.”