Singapore banking giant Standard Chartered (SC) has announced a strategic partnership with local fintech Starfish Digital that will enable the bank’s corporate clients to “seamlessly connect” multiple sources of cash management data within a single platform.
Through API connectors, SC’s corporate clients will now be able to source cash management data across multiple banking systems and automate cash management processes within their chosen cashflow management solution.
SC boasts that the capability will enable its business customers to “achieve real-time visibility, access, and control of their cash holdings, resulting in improved working capital management”.
“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,” SC said in a statement.
“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.”
The partnership is a first between Starfish and a global financial institution.
Starfish Digital’s Software-as-a-Service (SaaS) platform, Starfish Connect, is designed to enable clients to connect any corporate finance, ERP and treasury management system to any corporate banking service and pull relevant cashflow data in real-time.
SC’s global head of strategic platform partnerships Janet Thomas said that the bank is meeting a demand from multinational corporate clients for a “seamless solution that digitises all their banking relationships, [giving] 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,” Thomas said.
She added that the capability “further complements our growing suite of business-critical APIs available via aXess, our Open Banking platform”.