Singapore-headquartered fintech platform Starfish Digital and international banking group Standard Chartered have teamed up to introduce a multi-bank connectivity service, aimed at supporting the bank’s corporate clients in establishing speedy and seamless connectivity between their systems and multiple banking relationships.
The service, the companies say, automates the corporate’s cash management processes and allows corporates to achieve real-time visibility, access and control of their cash holdings, resulting in improved working capital management.
The partnership – the first between Starfish and a global financial institution – reflects the growing demand, they point out, “for digital corporate banking capabilities that lower costs, drive capital and process efficiencies, mitigate risks and deliver actionable business insights in real time”.
Through this partnership, the bank says it is supporting their clients in their transition to real-time treasury, so that they can reap the benefits of application programming interface (APIs) and open banking, that is, securely allowing consumers to give financial providers the ability to access their financial information.
The fintech’s software-as-a-service platform, Starfish Connect, provides the connection between any corporate finance, enterprise resource planning and treasury management system to any corporate banking service. This enhances the bank’s expanding API offerings to provide corporates clients the critical information to reconcile their account balances, transactions and payments, and as a result, achieve improved control and visibility.
“This partnership allows us to offer a plug-and-play solution that provides a real-time treasury experience,” notes Janet Thomas, the bank’s global head of strategic platform partnerships. “This further complements our growing suite of business-critical APIs available via aXess, our open banking platform.”