Financial services software provider SAP Fioneer has introduced a customised banking offering dubbed Fioneer SME Banking Edition for small and medium-sized enterprises (SMEs).

The new solution, which is custom-made to fulfil the financial requirements of SMEs, will allow banks and neobanks to deliver banking capabilities in a digital-first and data-driven approach.

Established in 2021, SAP Fioneer is a joint venture (JV) between German technology company SAP and entrepreneurial investor Dediq.

The firm develops software and platforms to support banks, insurance companies, and other institutions to operate, transform and expand in a cost-efficient manner at scale and speed.  

Fioneer SME Banking Edition connects banks to external data sources to help SMEs overcome the challenges they face. The open banking, central company registry, e-commerce, and enterprise resource planning (ERP) data are converted into actionable insights.

This is expected to provide SMEs transparency about cashflow and deliver insight to the banks.

The new solution includes front-to-back capabilities and easily combines with any core banking system. It also allows banks to provide services that are beyond traditional banking products.

Banks will be able to increase the scope of their offerings by providing embedded services and more solid financial guidance to SMEs. Through pre-configured APIs, the solution can be easily integrated and connected to ecosystems.

SAP Fioneer CEO Dirk Kruse said: “The introduction of our Fioneer SME Banking Edition significantly strengthens how banks interact with SMEs.

“Utilising our proven technology, we’re facilitating banks to better serve SMEs in a dynamic economic landscape. Drawing inspiration from the B2C market, we’re empowering banks to elevate their service offerings for SMEs.”