What is SAP Financial Services Network (FSN)
SAP Financial Services Network is an innovative cloud based solution that connects banks and other financial institutes with their corporate customers on a secure network owned and managed by SAP.
The network offers multiple services over one single channel while supporting development and deployment of new ones.
The solution automates financial transactions, reduces payment rejection rates, eases reconciliation and provides rich remittance data access to corporate treasury.
It combines SAP expertise in applications, analytics, and in-memory computing to provide a standard, on-demand innovative technology for financial institutions and their corporate customers on a platform that accommodates future integration needs.
The following figure illustrates how SAP Financial Services Network automates payment processes between financial institutes and corporate customers.
What are the challenges and benefits for corporate customers?
Ok – How do corporate customers benefit from using the SAP Business Suite to Financial Services Network Integration Rapid-deployment solution?
With this rapid-deployment solution, corporate customers can quickly connect their SAP Business Suite backend system to the
cloud-based Financial Service Network secured, owned and managed by SAP providing pre-configured content for the payment process including:
- Payment initiation and bank statements
- SAP BCM Integration for payment status and approvals*
The functional scope includes technical integration options via:
- SAP Business Suite FSN Connector to SAP FSN Integration for Payment Processing using synchronous communication pattern
- SAP Business Suite FSN Connector to SAP FSN Integration for Payment Processing using asynchronous communication pattern
- SAP Business Suite FSN Connector to SAP FSN Integration via SAP NetWeaver PI as gateway for Payment Processing using asynchronous communication pattern
- SAP Mobile Payment Approval for BCM
* Bank Communication Management (BCM) is an optional scope item and requires ERP ECC 6.0 EHP02 or higher
The following figure illustrates the scope of the current rapid-deployment solution.
Furthermore, with this rapid-deployment solution gets corporates connected within 4 weeks to transact with their financial institutions or service providers. This provides faster reaction time to connect to multiple banks and automate their complete payment processing.
This in turn reduces the overall cost of doing business via single integration point and standardized technology.
Currently the RDS supports the following message formats:
Go ahead and download the RDS content here: http://service.sap.com/rds-fsn