Enterprise software powerhouse SAP announced yesterday at SIBOS that the latest enhancement of SAP ERP (available by the end of the year) will enable direct integration with SWIFT, dramatically streamlining corporate-to-bank communication.
SAP Integration Package for SWIFT immediately solves the challenge faced by many multinational corporations that exchange electronic information with banks in different countries and continents. On average, corporations must maintain as many as 10 separate proprietary electronic bank integrations to transfer financial information between their banks and the company’s financial applications. These systems may use widely different protocols and data formats, which often results in an overwhelming amount of system complexity and maintenance requirements that drive up the costs of electronic banking for corporations.
SAP has created a unified offering that combines multiple, non-standard bank integrations into a single, standards-based access point for managing a company’s electronic communications with its multiple banks. This comprehensive corporate-to-bank connectivity can help companies streamline payment flows, gain real-time visibility into global cash positions, strengthen regional compliance and provide highly secure financial transactions, all with greatly reduced costs.