Standard Chartered and telecommunications giant Huawei announced today they’ve jointly developed an internet of things (IoT) solution that could change how companies communicate with banks for financing or payments.

Standard Chartered, a London-based multinational banking group, said corporate clients still tend to communicate with banks though instructions on paper or by email, which can be slow and time-consuming. Seeing as how turnaround times for these requests can take days, even well into the digital age, the bank partnered with the Chinese telecom Huawei to develop a faster process and an improved customer experience.

Huawei is currently hosting a conference, Huawei Connect, in Shanghai. The company is based in Shenzen.

Using Huawei’s cloud-based IoT platform OceanConnect, systems of corporate clients and the bank would have the ability to “speak” to each other in realtime over a varierty of connected devices, triggering financing or payment instructions through application programming interfaces (APIs). Standard Chartered told Bank Innovation that turnaround times for financing and payment instructions could be “dramatically reduced” using these methods.

Additionally, the bank says the ability to track the movement of goods on a realtime basis can reduce operational risks through the availability of reliable data, thus opening a wider range of financing solutions for manufacturers and their distributors.

Michael Gorriz, Group CIO of Standard Chartered, commenting on the partnership with Huawei, said:

“We are committed to delivering financial solutions to our clients across our diverse footprint and to bank businesses of all sizes. Technology can change the fundamental way we do banking. We found in Huawei a strong partner who shares our passion to transform the way we would like to support our clients and make banking seamless and effortless for them through the application of cutting-edge Internet of Things technology. We look forward to piloting the solution with clients and working with Huawei and other technology partners to explore new use cases.”

Qiu Lei, Vice President of Marketing and Product Solution Sales of Huawei Enterprise Business Group, said:

“It is Huawei’s mission to help create a fully connected, intelligent world as more industries adopt IoT and embark on their digital transformation journey. In the face of the challenges within the journey, technology is often only part of the solution. Determination and vision are equally critical. We partner with Standard Chartered for their strong determination and great vision from the very top echelon of the company to support their clients when it comes to digital transformation.”

This isn’t Standard Chartered’s first effort working with tech companies to co-develop solutions geared toward improving client experience and increasing efficiency. For instance, the bank earlier this year opened its eXellerator facility, a center designed to promote the innovation of fintech, in Hong Kong.