B2B Payments

SAP Infuses Mobile Finance In India

SAP is a leader in the corporate software space, providing tools directly to businesses to manage their workflows. But a new venture from the company will see SAP working directly with financial service providers in India, instead of directly with companies, so those FinServ firms can provide the right kinds of tools to their own corporate clients.

Reports Thursday (Oct. 1) said SAP India will connect SAP cloud-based financial services tools to payment and small finance banks. Reports said the partnerships will be a large driver behind the nation’s efforts to digitize its banking operations and bring financial services to more customers.

“Digital banking will make financial services more accessible and affordable to the unbanked population,” said SAP India Managing Director Deb Deep Sengupta. “Banking the unbanked with innovative solutions underpins SAP’s vision of a technology streamlined world that will improve people’s lives.”

According to reports, India SAP will include a mobile wallet, mobile banking and mobile commerce solution set to the market. This will allow small banks to provide mobile banking solutions to their clients, both individual and businesses.

While reports did not specify this implication, recent analysis by industry experts found new opportunities for mobile banking to serve the under- and unbanked parts of the B2B supplier community. Small suppliers working in rural areas can get paid faster, and thus maintain position relationships with their large, corporate buyers, through the use of mobile devices, recent research has shown.

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