Payments

Bank of London partners with SAP Fioneer for transaction banking, clearing

July 7, 2022

The Bank of London has partnered with SAP Fioneer, a financial services software provider, to offer an integrated global clearing and transaction banking solution. SAP will integrate its cloud banking platform with The Bank of London's API to offer frictionless compliance, clearance, settlement and payments, according to a press release.

"Combining our offering will provide the world's leading solution for compliance, clearing, payments and settlement in GBP, EUR and USD," Anthony Watson, chief executive and founder, The Bank of London, said in the release. "Now banks, fintechs and corporates gain significant advantages over their competitors, benefiting from near instant clearing, settlement and payments without liquidity constraints or financial intermediary friction in the flow of funds."

The companies expect the solution to go live in October 2022.