Starfish Digital and Standard Chartered Revolutionize Real-Time Cash Management
Singapore-based fintech platform, Starfish Digital, has joined forces with the renowned international banking group, Standard Chartered, in a groundbreaking partnership set to transform the landscape of real-time cash management for corporate clients, according to Fintech Global News.
The primary objective of this collaboration is to introduce a cutting-edge multibank connectivity service that will significantly enhance the ability of Standard Chartered’s corporate clients to establish rapid and seamless connections between their systems and multiple banking relationships. The ultimate goal is to streamline and automate cash management processes, offering corporate entities real-time visibility and control over their cash reserves, thereby bolstering their working capital management strategies.
At the core of this initiative is Starfish Digital’s innovative software-as-a-service platform, Starfish Connect. This platform acts as a bridge, facilitating connections between various corporate finance, ERP, and treasury management systems and corporate banking services. By integrating with Starfish Digital, Standard Chartered expands its portfolio of API offerings, empowering corporate clients with crucial insights required to reconcile account balances, track transactions, and facilitate payments efficiently.
This strategic partnership marks a significant milestone as it represents the first collaboration of its kind for Starfish Digital with a global financial institution. It underscores the growing demand for digital corporate banking solutions that not only reduce costs but also enhance capital and process efficiencies, minimize risks, and provide timely business insights. Through this partnership, Standard Chartered aims to guide its clients toward embracing real-time treasury practices, leveraging the potential of APIs and Open Banking.
Janet Thomas, the Global Head of Strategic Platform Partnerships at Standard Chartered, commented on the partnership, stating, «We’ve listened to the needs of our multinational corporate clients, who seek a seamless solution to digitize all their banking relationships. They desire a comprehensive view of their cash positions and more accurate cash flow forecasting. Our collaboration with Starfish Digital addresses this demand by offering a plug-and-play solution that delivers a real-time treasury experience. This complements our growing suite of business-critical APIs, available through aXess, our open banking platform.»
Patrick Huang, CEO of Starfish Digital, expressed enthusiasm about the partnership, saying, «We are delighted to collaborate with Standard Chartered to provide automated, real-time, digital banking solutions for corporates. There is a significant demand for such services, particularly among companies engaged in real-time payments and forward-thinking CFOs who are keen to future-proof their businesses in an ever-evolving payments ecosystem.»
The partnership between Starfish Digital and Standard Chartered represents a pivotal moment in the evolution of corporate banking, emphasizing the crucial role of digitization, efficiency, and real-time insights in today’s fast-paced business environment. Corporate clients can now look forward to a more streamlined and automated cash management experience, ensuring better control and optimization of their financial operations.