COMO, a global automated paytech company has selected SAP Fioneer’s Cloud for Banking (C4B) application. This partnership will allow COMO’s customers immediate access to rich core banking functionality, while enabling real-time payment transactions and reducing costs by up to 60% for corporates.
The C4B system and infrastructure enables the service offering of iBAN-X by COMO to become part of the next generation of financial solutions by giving customers real-time core banking practices on a single cloud platform and offering IBAN accounts in more than 25 currencies with 24/7 straight through processing. SAP Fioneer’s integrated C4B runs on SAP’s S4/HANA and is an open platform, with low total cost of ownership (TCO; purchase price plus operating costs of a particular asset) and quick time to market.
Based in Luxembourg, COMO delivers with iBAN-X by COMO a digital cross-border multi-currency IBAN account service for platforms, marketplaces, corporates, payment service providers (PSPs) and fintechs.
“As we transition to a digital economy, we are focused on ensuring businesses digitize their supply and value chain while accelerating customer payments and settlement time.
With SAP and SAP Fioneer, we have selected the most stable cloud banking platform on the market to support treasury departments to revolutionize their payment systems by reducing anti-money laundering (AML) and know your client (KYC) risk, increasing transparency and being able to offer multiple payment methods across the globe - all through a single platform. This partnership is another key milestone on our mission to enable our customers’ digital journey and simplify the world of payments,” said Angela Nickel, CEO of COMO Group and member of the board at iBAN-X by COMO.
Dirk Kruse, CEO at SAP Fioneer, commented: “We are excited about partnering with COMO as a company whose purpose of supporting customers on their digital transformation journey and delivering innovative cloud solutions at an accelerated pace, closely aligns with ours. We’re proud to have built a banking-as-a-service platform for COMO in as little as three months.”
The C4B platform is offered as a Software-as-a-Service (SaaS) hybrid cloud solution, powered by the latest SAP technology and providing the best-in-class digital environment to all users. The preconfigured build is based on best practices and designed to reduce IT complexity while enabling multi-channel access.
“We are also particularly proud of our built-in environmental, social and governance solution on the C4B platform to address sustainability, CO2 emissions and digital currencies, enabling COMO to implement the collection of ESG-relevant data and provide a database for evaluation and reporting purposes,” Kruse added.