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Standard Chartered is working with Chinese networking conglomerate Huwaei on the development of IoT sensors that would automatically trigger payments to corporates by providing real-time data on the movement of goods.
The bank is running pilot trials of OceanConnect, Huwaei’s cloud-based IoT platform to amass data on the shipment of merchandise that could be used in financing decision.
The bank posits a potential future in which manual paper-based or e-mail instructions for initiating transactions, are replaced by a series of bank and corporate APIs linked to IoT data flows that release funds when certain criteria are fulfilled.
Michael Gorriz, group CIO of Standard Chartered says: “Technology can change the fundamental way we do banking. We found in Huawei a strong partner who shares
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