Partnership to use IoT to enable real-time financing and payments | FinTech | Enterprise Innovation
Standard Chartered and Huawei co-developing an Internet of Things (IoT) powered solution that aims to allow corporates’ and banks’ systems to ‘speak’ to each other in real-time, triggering financing or payment instructions through Application Programming Interfaces (APIs).
The solution combines IoT and cloud capabilities so the bank will be able to track the movement of goods on a real-time basis, reduce operational risks and provide reliable data that can be used in financing decisions. Availability of real-time data enables straight-through processing for a wider class of use cases and can significantly reduce turn-around times, opening up possibilities for a broader range of financing solutions for manufacturers and their distributors.