The Bank of London announced Tuesday (June 28), that it will integrate SAP Fioneer’s Cloud for Banking platform (C4B) into the Bank of London API. The news sets the stage for an anticipated launch of the new clearinghouse on the global stage in October.
The expected clearing solution uses a combination of The Bank of London’s patented technologies in parallel with SAP Fioneer’s hyper-scalable cloud banking platform. The solution will provide “the fastest connection to payment schemes in the market,” the bank said in a press release.
Launched in 2021, The Bank of London is a purpose-built global clearing agency and transaction bank. Upon launch, the Bank of London became the U.K.’s sixth clearing bank.
With headquarters in London and offices in New York and Belfast, The Bank of London was established to serve banks, clearinghouses, digital and traditional asset firms, governments, payment networks and other businesses seeking to launch fully compliant financial products and services in the U.K. and across borders.
On the news, Anthony Watson, group chief executive and founder of The Bank of London, said, “Combining our offering will provide the world’s leading solution for compliance, clearing, payments and settlement in GBP, EUR and USD.
“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,” Watson added.
To this, Dirk Kruse, CEO at SAP Fioneer, continued: “To achieve real innovation and disrupt the global clearing and transaction market at the heart of banking, The Bank of London needed a partner who could deliver stable solutions at hyper-scale. SAP Fioneer provided exactly that: rooted in world-class technology coupled with the agility to co-innovate and seamlessly integrate with our customers’ systems.
“We are excited to partner with The Bank of London to achieve its goals and support its growth journey as a major player in the market.”
In collaboration with the Bank of London, PYMNTS recently published a report on the role of modern clearinghouses in the global payments ecosystem.
Read more: The Role of a Modern Clearing Bank in Scaling Global Payments
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