TechnologyStandard Chartered and Huawei team up for Internet of Things platform

Standard Chartered and Huawei team up for Internet of Things platform

A new system being developed by Standard Chartered and Huawei harnesses real-time processes and big data to improve the way banks and corporates communicate with one another.

Standard Chartered and Huawei are developing an Internet of Things (IoT) platform to enhance the way corporates communicate with banks for financing or payments.

The technology will enable corporate and bank systems to ‘speak’ to each other in real time, triggering financing or payment instructions through APIs, instead of relying on the traditional manual initiation of transactions through paper-based or emailed instructions.

It 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 Group CIO Michael Gorriz said: “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.

“We look forward to piloting the solution with clients and working with Huawei and other technology partners to explore new use cases.”

The solution uses Huawei’s OceanConnect, an open platform built on IoT, cloud computing and big data technologies. With a cloud-based unified IoT device management capability at its core, it links up with connected devices and collects real-time data through a series of agents while providing open APIs to application developers to design and orchestrate the business process.

Earlier this year, Standard Chartered set up SC Ventures, a business unit designed to foster entrepreneurship and innovation, invest in fintechs and set up “disruptive ventures”.

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