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 corporation’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 interface (APIs) and Open Banking.
Starfish Digital’s Software-as-a-Service 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 with 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 APIs available via aXess, our open banking platform.”
“We are thrilled to partner with Standard Chartered to offer automated, real-time, digital banking for corporates,” said Patrick Huang, CEO Starfish Digital. “We see tremendous demand, especially from companies exposed to real-time payments and forward-thinking CFO’s who seek to future proof their business in a rapidly evolving payments ecosystem.”
