The Bank of London has partnered with SAP Fioneer to offer an integrated real-time, clearance, settlement, and payments solution for service banks, fintechs and corporates.

The solution is developed to transform and simplify global clearing and transaction banking.

The technology platform of the Bank of London, which is said to be the UK’s second clearing bank authorised in the last 250 years, is designed to serve as a foundational building block of borderless economic infrastructure of the future.

It features a mix of the Bank of London’s own patented technologies along with the hyper-scalable cloud banking platform of SAP Fioneer.

The new clearing solution is expected to provide a rapid connection to payment schemes in the market, following its anticipated launch in October this year.

The Bank of London group chief executive and founder Anthony Watson said: “Combining our offering will provide the world’s leading solution for compliance, clearing, payments and settlement in GBP, EUR and USD.

“Now banks, fintechs and corporates gain significant advantages over their competitors, benefiting from near instant clearing, settlement and payments without liquidity constraints or financial intermediary friction in the flow of funds.”

The new friction-free compliance solution combines SAP Fioneer’s Cloud for Banking platform (C4B) with the Bank of London’s API.

C4B is an open platform that is designed to run on SAP’s S/4HANA Enterprise Cloud and SAP Business Technology Platform.

SAP Fioneer is a joint venture between the global technology company SAP and private equity firm Dediq. It was founded in 2021.

Launched in November 2021, The Bank of London is a technology company that offers solutions for banks, clearing houses, digital and traditional asset firms, governments, and financial services companies.

In June this year, the company announced an investment to expand its UK presence with the launch of its Centre of Excellence in Belfast, Northern Ireland.