Deutsche Bank and Serrala Team Up to Design Instant Payment API
Deutsche Bank teams up with the fintech software company Serrala on launching an Instant Payment API with SAP.
Goals: Speed up and automate cash management processes from end to end, as well as business workflow, for corporate customers using SAP Enterprise Resource Planning (ERP) software.
They will jointly craft their first API enabling companies to initiate instant payments via SAP’s ERP system.
How it works. The new interface transforms payment processing from scheduled batch payments to real-time processing, using Serrala’s FS2 Payment for SAP solution.
For starters, this tool will be used to manage and process manual payments in SAP systems. It should be applied to other payment systems later on.
Winning formula. Combining SEPA Instant Payments and API technologies should lead to building new opportunities for customers of this leading German bank. They will benefit from end- to end integration to their business processes.
Securing corporate customers’ loyalty. Nearly one fourth of corporate failures are due to late payments. Instant Payment allows them to pay on delivery, optimise cash flow management and improve collections of unpaid debts.
Deutsche Bank already bet on Instant Payments when they partnered with the International Air Transport Association (IATA). Airline customers may then pay for their flights or other services using this new payment method.
Unlike other BtoB-oriented Instant Payment initiatives –including Natixis Factor– Deutsche Bank aims for corporates who may not be among their customers.