Standard Chartered has joined forces with Huawei to create an IoT-powered solution that could completely transform the way corporate companies communicate with banks. The solution allows corporate firms and banks systems to speak to each other in real-time as well as the triggering of financing or payment instructions via APIs. Specifically, it is a combination of IoT and cloud capabilities that provide banks the ability to track the movement of goods on a real-time basis. This reduces operational risks and provides reliable data that can be used in making financing decisions. The availability of real-time data allows straight-through processing, reducing turn-around times significantly and opening up opportunities for a broader range of financing solutions for manufacturers and their distributors.
Standard Chartered has been active in working with tech companies in recent years as part of a concerted effort to co-develop solutions that make client experiences better and increase overall efficiency.