Shanghai, Oct 10, 2018: Standard Chartered and Huawei announced today that they were developing an Internet of Things (IoT) finance solution that could “revolutionise 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 proposed IoT finance solution to be introduced will combine IoT and Cloud capabilities so the bank will be able to track the movement of goods on a real time basis, reducing operational risks, said the bank.
The IoT finance solution will use 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.
Commenting on the partnership with Huawei on the new IoT finance solution, Dr Michael Gorriz, Group CIO of Standard Chartered said in the statement, “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.”
Qiu Lei, Vice President of Marketing and Product Solution Sales of Huawei Enterprise Business Group, said: “We partner with Standard Chartered for their strong determination and great vision from the very top echelon of the company to support their clients when it comes to digital transformation.”