Lloyds Banking Group in major paytech overhaul with SAP
Lloyds in paytech overhaul with SAP
UK-based Lloyds Banking Group is modernising its payments technology for corporate and institutional clients with SAP. The bank has signed for SAP’s cash management and payments platform.
The vendor says the new tech “will furnish Lloyds with a real-time banking platform to meet the complex business requirements of large commercial banks, non-bank financial institutions and corporates”. There will also be cost savings and “enriched” customer experience, according to SAP.
Selecting new technology follows Lloyds’s decision to improve its trade finance, invoice finance and client monies platforms, SAP says.
Lloyds will use SAP’s Deposits Management, Payment Engine and Omnichannel Banking solutions, all powered by the SAP HANA in-memory data platform.
Rob Hetherington, the vendor’s global head of financial services industries, says his company is helping Lloyds to “harness innovation to deliver unparalleled experiences” by equipping it with “real-time cash management, payments and analytics capabilities coupled with an API-based architecture”.
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