German banking and financial services company Commerzbank AG has completed an end-to-end integration between SAP S/4HANA business processes and R3’s Corda blockchain platform.
In a proof of concept created with SAP, Corda’s blockchain technology has been connected to the SAP Cloud Platform, using the existing application programming interfaces (APIs) to access business networks and systems across all industries. This connection opens the door for further integration with technologies and capabilities such as API management, machine learning and analytics, enabling corporations to operate on a distributed but permission-based secure platform.
For Commerzbank, the project provides the first step towards offering corporate clients more efficient access to trade and supply chain finance services, including the potential to create business models based on distributed ledger technology, via their own corporate SAP systems.
“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 and commodities and trade finance and cash management, Commerzbank AG.
On the project, R3 chief executive officer, David E. Rutter, said, “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.”