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E-invoicing, SCF & E-procurement

Standard Chartered, Huawei partner to develop IoT solution for lending

Wednesday 10 October 2018 | 12:02 PM CET

Standard Chartered and Huawei have announced the development of a IoT powered solution to enable corporates’ communication with banks for financing.

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 (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, reducing operational risks and providing 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 reduce turn-around times, opening up possibilities for a broader range of financing solutions for manufacturers and their distributors.

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.

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