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Huawei and Standard Chartered teaming up to create IoT solutions in banking

October 11, 2018 / IoT News

Standard Chartered has joined hands with Huawei to create an IoT-powered solution that could completely transform the way corporate companies communicate with banks for financing or payments. The solution allows corporate firms and banks systems to speak to each other in real-time and triggering financing or payment instructions via APIs. This product would use Huawei’s OceanConnect, an open platform that is built on IoT, big data technologies, and cloud computing. The solution is a combination of IoT and cloud capabilities that provide banks the ability to track the movement of goods on a real-time basis. This reduces operational risks and provides reliable data that can be used making financing decisions. The availability of real-time data allows straight-through processing for a wider class of use cases reducing turn-around times significantly, opening up opportunities for a broader range of financing solutions for manufacturers and their distributors.