The collaboration is set to deliver API-led real-time data for cash management and improved cash visibility to corporate treasury teams.
Per the press release, the Standard Chartered – Starfish Digital strategic collaboration will see the introduction of a multibank connectivity service to support the bank’s corporate clients in setting up fast and simplified connectivity between their systems and multiple banking relationships. This helps automate the corporates’ cash management processes and enables them to achieve real-time visibility, access, and control of their cash holdings, resulting in improved working capital management.
Furthermore, the partnership highlights the increasing demand for digital corporate banking capabilities that decrease costs, drive capital and process efficiencies, mitigate risks, and deliver actionable business insights in real time. Through this cooperation, Standard Chartered is supporting its clients in their transition to real-time treasury so that they can take advantage of the benefits associated with APIs and Open Banking.
Starfish Digital’s Software-as-a-Service (SaaS) platform, Starfish Connect, offers the connection between any corporate finance, ERP, and treasury management system to any corporate banking service. This helps enhance Standard Chatered’s expanding API offering to provide corporate clients with the required information to reconcile their account balances, transactions, and payments, thus resulting in improved control and visibility.
When commenting on the announcement, Standard Chartered officials advised that their multinational corporate clients require a simplified solution that digitises all their banking relationships to provide them with a more complete picture of their cash positions and forecast cash flows with improved accuracy. Per their statement, the partnership with Starfish Digital enables the company to respond to this need directly by delivering a plug-and-play solution that offers a real-time treasury experience. What is more, this helps further complement Standard Chartered's growing suite of business-critical APIs available via aXess, its Open Banking platform.
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