Aareal bank launches B2B payments platform
With agile fintechs hard on their heels, traditional banks have started to deploy their resources and technology to compete with them in the commercial payments space.
As such, Germany based banking company, Aareal Bank Group has launched Aareal Exchange & Payment Platform (AEPP), a solution which would enable companies to execute end-to-end automation of payments and bank-related payments, the press release noted.
Recently, Bank of America had launched a set of business treasury APIs for business payments while HSBC too launched its API banking service in Hong Kong.
Under this solution, businesses can integrate these solutions into their enterprise resource planning (ERP). The bank has deployed these solutions initially into the housing industry and has noted that others will follow in the medium term.
According to the bank, property companies can implement these solutions to link different payment methods and services into a single interface. With this, the company notes that it would provide ‘automated and efficient payment management processes’ allowing institutional landlords to meet alternative payment demands.
All payments information will be shared with ERP systems such as SAP RE-FX, Blue Eagle, Wodis Sigma and Wodis Yuneo. Payment methods such as PayPal, MasterCard and Visa are in the process of being connected, the press release noted.
“There is an urgent need for solutions that support property management companies’ efforts to conserve resources and structure processes more efficiently”, said, Dr Christian Fahrner, Managing Director of Aareal Bank AG.