Standard Chartered and Huawei are developing an «Internet of Things»-powered solution. The two aim to revolutionize how companies communicate with banks for financing or payments.
The solution combines Internet of Things (IoT) and cloud capabilities so 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, Standard Chartered and Huawei said on Wednesday.
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, or APIs.
Fundamental Change
«Technology can change the fundamental way we do banking. We look forward to piloting the solution with clients and working with Huawei and other technology partners to explore new use cases,» Michael Gorriz, information chief at Standard Chartered, said.
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.
