R3’s Corda proves integration with SAP® solution-based business processes
17 May 2018 – Commerzbank, supported by SAP, has successfully completed an end-to-end integration between SAP S/4HANA business processes and R3’s Corda blockchain platform.
This is the first step toward enhancing the supply chain network of corporate clients to offer more efficient access to trade and supply chain finance services. This solution has the potential for corporations to significantly enhance and leverage their access to future business models based on distributed ledger technology, via their own corporate SAP system.
By deploying Corda’s secure blockchain technology to SAP Cloud Platform, the existing application programming interfaces (APIs) are utilized to access business networks and systems across all industries. The deployment of Corda to SAP Cloud Platform opens up the possibility for the Corda platform to integrate other technologies and capabilities such as API Management, Machine Learning and Analytics. Such an approach enables corporations to operate on a highly distributed but permission based and secure platform while fueling the next wave of business innovations utilizing the key benefits of blockchain-based technologies – trust, transparency and scalability.
Commerzbank is a member of R3’s global network and an active participant in a number of R3 initiatives on use cases in areas such as Trade Finance. SAP is actively collaborating with both R3 and R3 members.
“The successful connection test between Corda and SAP, as an important Enterprise Technology Provider, is a significant milestone in our journey to develop and implement digital product solutions. In Trade Finance, we see significant potential and the need to support digital data flows along the supply chain of our corporations. This is only possible by connecting ERP systems to new Distributed Ledger Technology (DLT) networks and platforms. We will share the results of this technical test in our ongoing projects with R3 and aim to use the SAP connection with Corda in future pilot transactions,” said Nikolaus Giesbert, Divisional Board Member, Fixed Income, Currencies & Commodities and Trade Finance & Cash Management, Commerzbank AG.
“Trade finance is a key area of focus for R3 as we work with our partners to develop a vibrant ecosystem of applications on Corda. Integrating the platform with SAP’s business processes is a further milestone in enabling widespread adoption of Corda by businesses around the globe,” said David E. Rutter, Chief Executive Officer, R3.
“This proof of concept, collaborating with Commerzbank, has shown the ease with which SAP S/4HANA via SAP Cloud Platform can easily exchange data with R3’s Corda network,” said Falk Rieker, Global Head of IBU Banking, SAP.
Commerzbank
Commerzbank is a leading international commercial bank with branches and offices in almost 50 countries. In the two business segments Private and Small Business Customers, as well as Corporate Clients, the Bank offers a comprehensive portfolio of financial services which is precisely aligned to the clients’ needs. Commerzbank finances approximately 30% of Germany’s foreign trade and is leading in financing for corporate clients in Germany. Due to its in-depth sector know-how in the German economy, the Bank is a leading provider of capital market products. Its subsidiaries Comdirect in Germany and mBank in Poland are two of the world’s most innovative online banks. With approximately 1,000 branches, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank serves more than 18 million private and small business customers, as well as more than 60,000 corporate clients, multinationals, financial service providers, and institutional clients. The Bank, which was founded in 1870, is represented at all the world’s major stock exchanges. In 2017, it generated gross revenues of €9.2 billion with approximately 49,300 employees.
R3 is an enterprise software firm working with a network of over 200 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop on Corda, its blockchain platform designed specifically for businesses.
R3’s global team of over 180 professionals in 11 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of USD 107 million from over 40 firms.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institu-tions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce. Learn more at www.r3.com.
