At last year’s Sibos conference, technology provider SAP unveiled its Financial Services Network (FSN), a cloud connection for both banks and corporates that allows payment transfers and messaging. Some large banks have already joined, advocating its easier and faster connectivity, transaction automation, better payment reconciliation and enhanced treasury visibility.
FSN works with different systems, including Enterprise Resource Planning (ERP), treasury management and payroll. ERP – a company accounts system where all financial business is monitored and conducted – is usually used alongside treasury management systems for corporate transaction banking business.
