Standard Chartered has joined hands with Huawei to create an IoT-powered solution that could completely transform the way corporate companies communicate with banks for financing or payments.
The solution allows corporate firms and banks systems to speak to each other in real-time and triggering financing or payment instructions via APIs. This product would use Huawei’s OceanConnect, an open platform that is built on IoT, big data technologies, and cloud computing.
The solution 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 making financing decisions. The availability of real-time data allows straight-through processing for a wider class of use cases reducing turn-around times significantly, opening up opportunities for a broader range of financing solutions for manufacturers and their distributors.
This is not the first time Standard Chartered is working with such a firm; it has been actively working with tech companies to co-develop solutions to make client experience better and increase efficiency. In early 2018, the London-based financial services firm established SC Ventures, a business unit to catalyse entrepreneurship and innovation, invest in fintechs, and set up disruptive ventures.
Huawei’s OceanConnect IoT platform was upgraded to support connected cars systems, according to a company event in June. There are four key elements of this Internet of Vehicles platform: enabling connectivity, data enablement, allowing evolution, and ecosystem enablement. Moreover, this platform has been upgraded with eLTE-IoT and now covers a radius of 10km with 10% stronger signals, whereas latency is reduced by 50% and the maximum standby time is extended to 10 years.