[Techtaffy Newsdesk]

SAP has formed an expanded program team for SAP Financial Services Network. Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, Nordea and Standard Chartered join Citi and RBS as co-innovators for a cloud-based services platform that aims to simplify transactions between corporations and their financial institutions. The announcement was made at Sibos 2012, being held October 29 – November 1 in Osaka, Japan.

Jeanne Capachin (Research vice president, IDC Financial Insights): Last-mile connectivity between banks and their corporate clients is painful.

Hosted by SAP as an on-demand offering, SAP Financial Services Network aims to facilitate multi-bank routing, multi-format payments, on-boarding and corporate services application development and deployment. The network is also intended to facilitate core transaction management among banks, corporations and treasury service providers.

“The road map being put into place will bring about new applications that enhance how corporations and corporate treasurers communicate with their banks,” said Don Trotta, global head, Banking Industry Development, SAP.

[Image Courtesy: SAP]