Standard Chartered Bank announced on Wednesday it has formed a partnership with Huawei to develop an Internet of Things (IoT) powered solution in an effort to revolutionize the way corporates communicate with banks for financing or payments.
According to the duo, this new solution combines IoT and cloud capabilities so the bank will be able to track the movement of goods on a real-time basis, reducing operational risks and providing reliable data that can be used in financing decisions.
“Availability of real-time data enables straight-through processing for a wider class of use cases and can significantly reduce turn-around times, opening up possibilities for a broader range of financing solutions for manufacturers and their distributors.”
Standard Chartered Bank also noted that the IoT solution uses Huawei’s OceanConnect, which is an open platform built on IoT, cloud computing, and Big Data technologies. The company explained that with a cloud-based unified IoT device management capability as its core, it links up with connected devices and collects real-time data through a series of agents while providing user-friendly open APIs to application developers to design and orchestrate the business process.
Speaking about the partnership with Huawei, Dr Michael Gorriz, Group CIO of Standard Chartered, stated:
“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 and make banking seamless and effortless for them through the application of cutting-edge Internet of Things technology.”
Qiu Lei, Vice President of Marketing and Product Solution Sales of Huawei Enterprise Business Group, added:
“We partner with Standard Chartered for their strong determination and great vision from the very top echelon of the company to support their clients when it comes to digital transformation.”