Shanghai, Oct. 17, 2018: Standard Chartered and Huawei have announced that they were developing an Internet of Things (IoT) powered solution that could change the way corporates communicate with banks for financing or payments.
In a press release, Standard Chartered said rather than corporates having to manually initiate these transactions through paper-based or emailed instructions, corporates’ and banks‘ systems will be able to ‘speak’ to each other in real-time, triggering financing or payment instructions through Application Programming Interfaces (APIs).
The solution was unveiled during Huawei Connect 2018 in Shanghai, China last week. It combines IoT and Cloud capabilities so that 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.
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, 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.