SAP Fioneer Launches Banking Solution for Small Businesses

SAP Fioneer has launched a banking solution for small and medium-sized businesses (SMBs).

The new Fioneer SME Banking Edition enables banks and neobanks to offer digital-first banking capabilities that are tailored to the needs of SMBs, SAP Fioneer said in a Thursday (June 22) press release.

“SMEs [small and medium-sized enterprises] represent the lifeblood of the economy, and it is critical that they are able to access the financial services they deserve,” SAP Fioneer Managing Director of Banking Charlie Platt said in the release. “Through our SME Banking Edition, banks will be able to create commercially viable, unique and better banking experiences for SMEs that will help them to stay ahead in a challenging economic environment.”

The Fioneer SME Banking Edition connects banks to external data sources that help the banks offer a greater variety of funding options and serve more businesses, and help SMBs gain greater transparency into their cash flow, according to the press release.

The solution integrates with any core banking system via application programming interfaces (APIs) and enables banks to offer not only traditional banking products but also embedded services and stronger financial advice, the release said.

“Utilizing our proven technology, we’re facilitating banks to better serve SMEs in a dynamic economic landscape,” SAP Fioneer CEO Dirk Kruse said in the release. “Drawing inspiration from the B2C market, we’re empowering banks to elevate their service offerings for SMEs.”

PYMNTS research has found that two-thirds of financial institutions are very or extremely willing to adopt new technologies to facilitate the consumerization of B2B payments.

As digitization makes B2B payments more like retail payments, the user experience of both the buyer and the seller improves, according to “The New User Experience: Tracking the Consumerization of B2B Payments,” a PYMNTS and FIS collaboration.

The report found that this consumerization of B2B payments also brings operational efficiency, harmonizes processesand takes the pain out of payments for buyers and sellers alike.

Since breaking away from SAP, the world’s third-largest software developer, in 2021, SAP Fioneer has strived to combine the security and stability of SAP’s technology stack with some of the nimbleness and flexibility of a FinTech, Platt told PYMNTS in an interview posted in July 2022.

The company’s robust but flexible solution is a “faster, more innovative layer on top of that great stability” for its customers, Platt said at the time.

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