To meet the corporate clients' growing demand of digitizing banking relationships, and provide more specific cash position and cash flow forecasts, Singapore-based fintech Starfish Digital and Standard Chartered SCBFF partnered to provide multibank connectivity.
What Happened: Standard Chartered and Starfish Digital are launching a multibank connectivity service.
The partnership is expected to enhance cash management processes and enable Standard Chartered to bolster its working capital management.
Application programming interfaces (APIs) and Open Banking are the benefits that corporates can soak in, the companies explained.
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“Our partnership with Starfish Digital allows us to directly respond to this need, by offering a plug-and-play solution that provides real-time treasury experience. This further complements our growing suite of business-critical APIs available via aXess, our open-banking platform,” Janet Thomas, Standard Chartered's Global Head of Strategic Platform Partnerships, said.
Why It Matters: There's 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.
Starfish Connect, a Software-as-a-Service platform, acts as a link between any corporate finance, ERP, and treasury management system to any corporate banking service.
This will thereby expand Standard's API offerings to provide clients with important information for adjusting their account balances, transactions, and payments and hence achieve improved control and visibility of their businesses.
In July, Standard Chartered signed a pact with Ant Group to strengthen partnerships to drive green and inclusive finance, global fund management, and sustainable development.
Also Read: SC Ventures' Audax Financial Technology Tastes Success Prior To Official Launch
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