SAP said the aim of the partnering firms is to develop a flexible multi-bank solution based on SWIFT’s open standards, to address the potentially high costs associated with maintaining multiple system interfaces for conducting electronic transactions.
According to SAP, the new HSBC Connect to SAP solution comprises the SAP Bank Communication Management application and the SAP NetWeaver technology platform, as well as a pre-configured SWIFT component for optimized access to the SWIFT network.
HSBC and SAP also signed a global business collaboration agreement, to help ensure successful market adoption of the new solution which is planned for availability in the third quarter of 2011.
The new solution is to further streamline and automate communication among HSBC, its corporate customers and the SWIFT network for the delivery of corporate banking services.
SAP added that HSBC will develop and deploy connectivity products in consultation with the SAP Custom Development organization and SWIFT in three main phases – payment and select treasury services, trade finance and remaining treasury services, and regulatory reporting services.
Initially, the three parties plan to develop functionality for HSBC/SAP clients, with the goal of later expanding to broader markets as well.
