Financial services firm Standard Chartered and Chinese smartphone maker Huawei have partnered to develop an Internet of Things (IoT) solution to allow corporates to communicate with banks for their financing or payments needs, a company statement said.
Corporates and banks systems will be able to ‘speak’ to each other in real-time and can trigger financing or payment instructions through application programming interfaces (APIs), the statement added.
The new solution will eliminate the need to initiate these transactions through paper-based or emailed instructions.
The solution, unveiled during the Huawei Connect 2018 expo in Shanghai last week, combines IoT and cloud capabilities so that banks can track the movement of goods on a real-time basis, reducing operational risks and providing reliable data that can be used in financing decisions.
The IoT 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 as its core, the solution 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.
“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,” said Michael Gorriz, group chief information officer at Standard Chartered.
Earlier this year, Standard Chartered set up SC Ventures, a business unit aimed at developing digital innovations across the group and that invest in fin-tech startups.