Sunday, 25 February 2024

Starfish Digital and Standard Chartered partner to meet real-time cash management data demand

5 min read

Starfish Digital, a Singapore headquartered fintech platform, and Standard Chartered, a leading international banking group announced a strategic partnership to introduce a multibank 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.

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 interfaces (API) and open banking.

Starfish Digital’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 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 of strategic platform partnerships at Standard Chartered, said: “We understand from our multinational 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 API available via aXess, our open banking platform.”

Patrick Huang, CEO of Starfish Digital said: “We are thrilled to partner with Standard Chartered to offer automated, real-time, digital banking for corporates.”

“We see tremendous demand, especially from companies exposed to real-time payments and forward-thinking chief financial officer's who seek to future proof their business in a rapidly evolving payments ecosystem.”

Re-disseminated by The Asian Banker

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