Starfish Digital and Standard Chartered have announced a strategic partnership to introduce a multi-bank connectivity service to support the bank’s corporate clients in establishing speedy and seamless connectivity between their systems and multiple banking relationships. This 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, Standard Chartered said in a statement.
The partnership will deliver API-led real-time data for cash management and improved cash visibility to corporate treasury teams
The partnership – the first between Starfish Digital and a global financial institution – reflects the growing demand 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, Standard Chartered 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, the statement added.
Starfish Digital’s Software-as-a-Service (SaaS) platform, Starfish Connect, provides the connection between any corporate finance, ERP and treasury management system to any corporate banking service. This enhances Standard Chartered’s expanding API offerings to provide corporate clients the critical information to reconcile their account balances, transactions and payments, and, as a result, achieve improved control and visibility.
Janet Thomas, Global Head – Strategic Platform Partnerships, Standard Chartered, said in the statement, “We understand from our multi-national corporate clients their demand for a seamless solution that digitises all their banking relationships, to give them a more complete picture of their cash positions and forecast cash flows with better accuracy. Our partnership with Starfish Digital allows us to directly respond to this need, by offering a plug-and-play solution that provides a real-time treasury experience. This further complements our growing suite of business-critical APIs available via aXess, our open banking platform.”
Adding further, Patrick Huang, CEO, Starfish Digital, also said in the statement, “We are thrilled to partner with Standard Chartered to offer automated, real-time, digital banking for corporate. We see tremendous demand, especially from companies exposed to real-time payments and forward-thinking CFOs who seek to future proof their business in a rapidly-evolving payments ecosystem.