The Bank of London announced on Tuesday June 28 that it will integrate SAP Fioneer’s Cloud for Banking (C4B) platform into the Bank of London API. The news sets the stage for a planned 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 alongside SAP Fioneer’s hyper-scalable cloud banking platform. The solution will provide “the fastest connection to payment systems on the market,” the bank said in a statement. Press release.
Launched in 2021, Bank of London is a purpose-built global clearing agency and transaction bank. When launched, the Bank of London became the sixth largest clearing bank in the UK.
With headquarters in London and offices in New York and Belfast, Bank of London was created to serve banks, clearinghouses, digital and traditional asset companies, governments, payment networks and other businesses looking to launch fully compliant financial products and services in the UK and across borders.
On the news, Anthony Watson, Group Chief Executive and Founder of Bank of London, said: “The combination of our offering will provide the world’s best solution for compliance, clearing, payments and settlement in GBP, EUR and usd.
“Now banks, FinTechs and corporates are gaining significant advantages over their competitors, enjoying near-instantaneous clearing, settlement and payments without liquidity constraints or friction from financial intermediaries in the flow of funds. “Watson added.
To this, Dirk Kruse, CEO of SAP Fioneer, continued: “To achieve true innovation and disrupt the global clearing and transactions market at the heart of the banking industry, Bank of London needed a partner who could provide stable solutions at very large scale. SAP Fioneer has delivered exactly that: rooted in world-class technology coupled with the agility to co-innovate and seamlessly integrate with our customers’ systems.
“We are delighted to partner with Bank of London to achieve its goals and support its growth journey as a major market player.”
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