Citibank signs up for SAP cloud-based corporate-to-bank solution

Cloud computing company SAP has signed a deal with Citibank for a major new cloud platform that promises to simplify corporate to bank connectivity for some of the world’s largest banks, BCN’s sister site Banking Technology has learned.The SAP Financial Services Network is a bank to corporate platform based in the cloud that is designed to cover corporate transactions such as payments, as well as reconciliation and remittances. Typical payments include corporate payments to suppliers, which are sent to the bank automatically via the FSN. Likewise, reconciliations are handled automatically by the platform, replacing the previous process of manually collecting paper statements. The project has been in development for over a year and was pilot tested by a group of tier-one financial institutions, including Bank of America Merrill Lynch, Deutsche Bank, Nordea, RBS, and Standard Chartered Asia Pacific. Citibank is the first to sign a commercial agreement, and is currently onboarding in preparation for launch on the new platform.