COMO, an international automated paytech, has chosen SAP Fioneer’s Cloud for Banking (C4B) application.
This partnership will “allow COMO’s customers immediate access to rich core banking functionality, while enabling real-time payment transactions and reducing costs by up to 60% for corporates.”
The C4B system and infrastructure “enables the service offering of iBAN-X by COMO to become part of the next generation of financial solutions by giving customers real-time core banking practices on a single cloud platform and offering IBAN accounts in more than 25 currencies with 24/7 straight through processing.”
SAP Fioneer’s integrated C4B “runs on SAP’s S4/HANA and is an open platform, with low total cost of ownership (TCO; purchase price plus operating costs of a particular asset) and quick time to market.”
Based in Luxembourg, COMO delivers “with iBAN-X by COMO a digital cross-border multi-currency IBAN account service for platforms, marketplaces, corporates, payment service providers (PSPs) and Fintechs.”
Angela Nickel, CEO of COMO Group and member of the board at iBAN-X by COMO, said:
“As we transition to a digital economy, we are focused on ensuring businesses digitize their supply and value chain while accelerating customer payments and settlement time. With SAP and SAP Fioneer, we have selected the most stable cloud banking platform on the market to support treasury departments to revolutionize their payment systems by reducing anti-money laundering (AML) and know your client (KYC) risk, increasing transparency and being able to offer multiple payment methods across the globe – all through a single platform. This partnership is another key milestone on our mission to enable our customers’ digital journey and simplify the world of payments.”
Dirk Kruse, CEO at SAP Fioneer, commented:
“We are excited about partnering with COMO as a company whose purpose of supporting customers on their digital transformation journey and delivering innovative cloud solutions at an accelerated pace, closely aligns with ours. We’re proud to have built a banking-as-a-service platform for COMO in as little as three months.”
The C4B platform is offered “as a Software-as-a-Service (SaaS) hybrid cloud solution, powered by the latest SAP technology and providing the best-in-class digital environment to all users.”
The preconfigured build is “based on best practices and designed to reduce IT complexity while enabling multi-channel access.”
Kruse added:
“We are also particularly proud of our built-in environmental, social and governance solution on the C4B platform to address sustainability, CO2 emissions and digital currencies, enabling COMO to implement the collection of ESG-relevant data and provide a database for evaluation and reporting purposes.”
As noted in a release, COMO offers “a complete suite of embedded financial products paired with payments (COMO World, COMO Synchro, and iBAN-X by COMO) allowing platforms, marketplaces, corporates and governments to centralize their payments and banking transaction needs in a single ecosystem.”
This unique approach “means COMO offers their clients the flexibility they need to meet the evolving needs of their user-base – without the barriers of regulatory complexity, lengthy product development, or bank restrictions.”
As mentioned in the update, SAP Fioneer was “founded in 2021, backed by the global technology leader SAP and jointly owned by SAP and Dediq. SAP Fioneer’s vision is to become a leading global provider of financial services software solutions and platforms. We enable customers to innovate and transform their business by combining premier technology with development expertise and a broad ecosystem of partners.
Customer centricity “is front and center at SAP Fioneer.”
They are “in the unique position to combine the speed and agility of a start-up with the stability, experience, and proven capabilities of Europe’s largest software company.”
They help companies in the financial services industry “to meet their needs for speed, scalability, and cost-efficiency through digital business innovation, cloud technology, and solutions that cover banking and insurance processes end-to-end.”
With offices and operations spanning the globe and a strong presence in Europe, North and Latin America, and Asia-Pacific, the team is where their clients need them.