Hmm, I thought so. otherwise you would not have mentioned BW and Standalone HANA separately. The options for the reporting on HANA model depend on multiple factors.
1) If you have BO reporting, then one of the upcoming release will provide you option to connect to a Secondary database (in this case HANA) and you would be able to create a Universe combining both the databases.
2) BW 7.4 may / may not also have the similar option to connect to secondary database and provide the data for reporting from the secondary database.
3) In the current context, you can establish the connectivity from BW application server to the HANA database using ODBC DB connect connectivity. Since you mentioned your BW is on Microsoft database, I assume (logically) your BW application server is on windows server. You may try to create a virtual provider to HANA object, but not sure if it can be HANA Information model view.
This is the first time somebody has posted such a requirement. I'd also suggest you to contact SAP and get more details.
Regards,
Ravi