Background

Lloyds Banking Group is the UK’s largest digital bank, committed to empowering users through self-serve channels to manage their day-to-day banking experience. As part of their 3rd Group Strategic Review, GSR3, Lloyds committed £3 billion to ‘transforming the group for success in a digital world’ and pledged part of this to fund a new corporate cash management and payment platform. Given Lloyds reach in corporate banking (8 out of 10 of the FTSE 100), Lloyds enlisted the help of technology giant SAP to localize and implementing their core banking platform, SAP Banking Services. 

The Challenge

As part of a wider collaboration, SAP committed to designing and developing an entirely new virtual account solution. However, this solution did not currently exist as part of their offering. This solution would need to meet the demands from of large global corporations looking to rationalize bank accounts numbers and simplify their treasury operations.

The solution needed to align with the vision laid out, which was to support Lloyds Bank to become the leading cash management and payment provider for global corporates, deliver unparalleled serve-service capability and connect seamlessly across core digital channels. Whilst the goal was to deliver an advanced innovative solution, the key was to ensure architect continuity with the standard SAP Banking Services platform and, reuse standard functionality where possible.  

The Solution

As a licensed partner who have worked on SAP Banking Services since its foundational release, bancon was enlisted by SAP as the build and implementation partner to lead the discovery, design, development and delivery of the best in class, multi-currency, Virtual Account Management (VAM) platform.

The comprehensive solution was fully aligned to the existing SAP architecture, integrating directly into the existing core banking offering, increasing its ability to scale. We designed the product so it could be easily configured in line with the multi-channel banking propositions and complement the existing standard solution from SAP. 

The Results

The on-time build and implementation of a market leading solution that includes features such as external addressable virtual accounts, sophisticated payment routing rules and complete self-service capabilities to support clients better self-manage client monies, in-house cash management and payment reconciliation. The solution brought simplicity, innovation and usability to existing customers and is a key reason for Lloyds ‘win rate’ increase for new business.

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